7th Mar 2023 12:34
(Alliance News) - Origin Enterprises PLC said on Tuesday that its revenue, as well as profit, had grown in the six months ended January 31, as it announced a new acquisition.
Origin said it had acquired Agrigem Ltd, an independent specialist supplier and advisor of ground care products throughout the UK and Ireland. It did not disclose the price of the acquisition.
The Dublin-based agricultural services group, which provides specialist on-farm agronomy services and the supply of crop technologies and inputs, said revenue increased by 35% to EUR1.18 billion, from EUR877.1 million the previous year.
Interim pretax profit was also higher, at EUR13.3 million. This represented a 75% increase from EUR7.6 million the year prior.
Origin said the revenue growth reflected the impact of commodity led price inflation of 40%, volume growth in Latin America and "satisfactory" early season seed and crop protection volumes.
The company announced an interim dividend of 3.15 cents per share, unchanged from the previous year.
Commenting on the results, Chief Executive Officer Sean Coyle said: "The group delivered a positive revenue, operating profit and earnings per share performance in the first half of the year, with improved performances in LATAM and Continental Europe offsetting a reduction in operating profit in Ireland and the UK."
Looking ahead, Origin says it is well positioned to deliver on its financial and strategic targets thanks to the strong start to its year, with good autumn/winter planting levels and "generally favourable" weather conditions.
Shares were up by 3.5% to EUR4.40 in London on Tuesday.
By Sabrina Penty; Alliance News reporter
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