25th Sep 2013 13:22
LONDON (Alliance News) - Agricultural technology firm, Origin Enterprises, said pretax profit increased for the full year, reflecting a strong performance across the business.
The company said pretax profit rose to EUR78.9 million for the period ending 30 June, up from EUR69.4 million a year earlier, while revenue increased slightly to EUR1.42 billion, from EUR1.34 billion in 2012.
Origin said its two divisions Agri-Services and Associated and Joint Venture both performed strongly.
Agri-Services contributes most of the company's revenue and saw revenue increase 5.8% to EUR1.42 billion, from EUR1.34 billion.
On a like-for-like basis Agri-Services revenues increased EUR60.8 million, or 4.5 per cent, principally reflecting higher nutrition and grain marketing volumes in Poland, offset by lower crop protection sales in the UK.
Origin's share of the profit after interest and taxation, excluding exceptional items, from associates and joint ventures increased by EUR8.7 million to EUR21.8 million.
The increase is principally attributable to an increased share of profit from its 50% interest in Welcon, its 32% interest in Valeo and the 50% stake in R&H Hall, reflecting a favourable output price environment and the benefits of improved integration and scale.
Following the sale of the group's 50% interest in its Marine Proteins and Oils joint venture, Welcon Invest AS,Origin proposed to return up to EUR100 million of capital to shareholders by way of a Tender Offer.
Overall, net debt reduced to EUR29.6m from EUR67.8 million in 2012.
The board approved a 15.0% increase in the dividend to 17.25 cent, from 15.00 cent.
The stock was trading at 6.72 pence Wednesday afternoon, up 0.27 pence or 4.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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