10th Jun 2022 09:01
(Alliance News) - Origin Enterprises PLC on Friday saw a huge jump in revenue in the third quarter of its most recent financial year as it looks forward to delivering increased growth in earnings.
The Dublin-based agronomy services provider also announced a change of chair.
For the three months that ended April 30, Origin saw a 47% increase in revenue to EUR880.6 million compared to EUR597.8 million in the third quarter last year.
Its group revenue in the year-to-date also jumped to EUR1.76 billion, up 50% from EUR1.17 billion the year before.
Origin said it experienced strong trading conditions throughout the period with good crop establishment, favourable weather conditions and strong on-farm sentiment. It also reported strong volume performance across the company's seed and crop protection portfolios.
It said its EUR40.0 million share buyback programme is also 94% complete.
The company has appointed Gary Britton as chair designate to succeed Rose Hynes, who decided not to seek re-election at the annual general meeting this year.
Britton, who joined the board in 2015, is currently the chair of the Audit & Risk Committee.
Looking ahead, Origin Enterprises expects to deliver increased growth in earnings year-on-year, with full-year adjusted fully diluted earnings per share to be in the range of 64 to 68 cents for financial 2022.
Origin Enterprises shares were last traded on Thursday at EUR4.38.
By Xindi Wei; [email protected]
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