Underlying revenue increased by 11.4% to €595.4 million at Irish agribusinesses Origin Enterprises in the third quarter of its fiscal year.
The group recently issued its trading update for the nine-month period to 30 April 2019, which reported that its revenues rose to €1.3 billion, up 12.5% year-to-date.
Origin said that favourable trading in Ireland & UK more than offsetting the impact of a challenging market backdrop in Continental Europe.
It added that ‘a more normalised’ seasonal demand pattern benefited the group, after a weather-impacted 2018 significantly delayed crop activity.
This pattern has supported planting conditions and boosted Origin’s Agronomy service, which reported a 30% increase in revenue, while its crop protection volumes grew by the same number.
In August, the group completed the acquisition of a 65% controlling interest in Brazilian-based speciality nutrition and crop inputs business, Fortgreen Commercial Agricola.
It also completed the acquisition of a 20% interest in Ferrari Zagatto, the Brazilian-based agronomy services and crop input distribution business, this month after announcing the move last year.
The group said that, overall, it has been a positive start to trading in the fourth quarter, and that it expects to achieve full-year adjusted earnings per share in the range of 51.5 to 52.5 cent.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.