26th May 2016 07:28
LONDON (Alliance News) - Irish agri-services company Origin Enterprises PLC on Thursday said underlying revenue slumped in its third quarter, hit by adverse weather.
Origin said its underlying revenue for the quarter to the end of April was down 12% year-on-year, primarily due to "highly unseasonal" weather conditions in Northern Europe.
The group said revenue fell across its service platforms in Ireland, the UK and Poland and Origin said it will now earn all of its profit in the second half of the financial year.
Origin said demand for its services is expected to improve in the final quarter to the end of June and it has seen an encouraging start to the quarter, though conditions in its market remain challenging.
Origin shares were up 0.5% to EUR6.28.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Origin