6th Mar 2014 13:41
LONDON (Alliance News) - Irish food and agribusiness group Origin Enterprises PLC Thursday reported a drop in profits and revenues for the first-half of the year, as revenues fell by 8.8% and its received a smaller profit from its joint ventures and associates.
For the six months to January 31, Origin Enterprises reported a pretax profit of EUR8.3 million, down from EUR10.2 million the prior year, as revenues declined by 8.8% to EUR517.6 million, down from EUR567.7 million a year earlier.
On a like-for-like basis, excluding the impact of currency movements, the group said revenues fell by 5.4%, as a combination of lower global fertiliser and feed prices partially offset by increased fertiliser, crop protection and crop marketing volumes.
Origin said its share of the profit after interest and taxation from associates and joint ventures decreased by EUR4.2 million, to EUR6.7 million, compared with EUR10.9 million a year earlier. It said the fall was largely due to the disposal of its marine proteins and oils business, which was finalised in July 2013, as well as a highly competitive trading environment.
During the period the group also booked a total of EUR2.3 million in exceptional items, including restructuring costs associated with its agri-services business in the UK.
"Agri-Services has performed ahead of last year and is well positioned for the seasonally more significant second half of the year as near perfect autumn growing conditions, principally in the UK, supported a strong recovery in winter arable plantings," said Chief Executive Officer Thomas O'Mahony in a statement.
"We are increasing full year guidance in adjusted diluted earnings per share by 3% to 53.5 cent," said O'Mahony.
During the period, the group reduced its net debt by EUR15.2 million, to EUR163.6 million.
Shares in the company were trading flat at EUR7.35 Thursday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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