Origin Enterprises PLC - Dublin-based agronomy services - Says its markets in the nine months ended on April 30 continue to show "significant" price and volume volatility, requiring "close management". Revenue in the period is up 9.3% to EUR1.92 billion against the year prior of EUR1.76 billion, despite third-quarter revenue falling 16% to EUR741.5 million from EUR880.6 million year-on-year. Explains that its performance in the third quarter of its financial year was hurt by cautious farm sentiment and poor Northern Hemisphere in-field conditions, delaying key crop input applications.
However, Origin notes that weather conditions and demand have improved into its fourth quarter. Looking ahead, notes a positive start to the fourth quarter. It expects adjusted diluted earnings per share for the full-year to be between 50.0 euro cents to 53.0 cents.
In March, Origin reported pretax profit of EUR13.3 million for the six months that ended January 31, up 75 % from EUR7.6 million a year before. Revenue increased by 35% to EUR1.18 billion, from EUR877.1 million.
Current stock price: EUR3.51
12-month change: down 20%
By Xindi Wei, Alliance News reporter
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Origin (OGN)