28th Apr 2016 07:26
LONDON (Alliance News) - Irish agri-services company Origin Enterprises PLC on Thursday said trading was disappointing in the third quarter and issued a profit warning for the full year.
Origin had said in its interim results in March that profit for the year to the end of June would be entirely weighted to the second half.
Trading in the third quarter, however, was weaker-than-anticipated, with revenue lower year-on-year in Ireland, the UK and Poland.
The weakness was driven by the continuation of unseasonal weather patterns in northern Europe, with abnormally cold and wet conditions in March and April hitting trading. This resulted in increased crop losses, slower crop development and re-saturated ground losses which have limited infield crop maintenance and spring planting activity, Origin said.
These problems will mean Origin's results for the year to the end of June will be lower than its previous guidance. It added it is not possible to give a sufficiently accurate outlook on how much the issues will hit the fourth quarter.
Origin shares were down 11% to EUR5.96 early Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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