Origin Share News (OGN)

Interim profits fell at Irish food and agriculture group Origin in a tough trading environment, with the trend exacerbated by buying decisions being deferred into the second half. Pre-tax profit dropped to €11.4m from €17.1m on sales of €597m down from €710m. EPS fell to 8.7c from 11.2c.The integrated agronomy business delivered a strong performance in the first half, alongside 'excellent' contribution from the Marine Proteins and Oils Joint Venture as fishfeed demand increased. Market conditions within food continue to be extremely competitive. Origin added that the recent uplift in primary output markets has yet to noticeably impact farm incomes. The business environment remains challenging, but the group remains on track to deliver consensus adjusted fully diluted EPS of 33c per share for the full year.