Origin Enterprises Records 'Strong' Start To 2022 Financial Year
Origin Enterprises plc has recorded a strong start to 2022.
Origin Enterprises plc has recorded a strong start to 2022, driven by favourable autumn and winter planting levels, its latest financial report shows.
According to the Agri-groups trading up date for its first quarter of 2022, Ireland and the UK recorded an increase in underlying agronomy services and crop input volumes of 16.4%.
Favourable in-field conditions helped the timely completion of the harvest, with some areas completing their harvest earlier than expected and with higher yields recorded than the prior year, the company said.
This facilitated the early sowing of oil seed rape followed by winter wheat and winter barley.
The expected area of oil seed rape is up 19.0% to 0.4 million hectares and winter wheat up 3.7% to 1.8 million hectares compared to 2021, it added.
According to Origin Enterprises, the total autumn/winter planted area is expected to be 5.1% higher than last year at 2.5 million hectares.
Combined autumn/winter and spring plantings for the 2022 crop production year are expected to be 1.1% higher at approximately 4.3 million hectares.
Business-to-Business Agri-Inputs had a strong start to the financial year, recording increased fertiliser and animal feed ingredients volumes compared to 2021.
The company noted that the continuing inflationary environment for fertiliser prices in the period, driven by high energy costs and supply chain challenges, contributed to increased fertiliser revenues.
Favourable autumn/winter planting levels set a solid foundation for continued progress later in the financial year, subject to normal weather risks which may arise as the year progresses.
"As flagged at the time of our full year 2021 full year announcement, we are conscious of potential operating and commercial challenges with regard to global supply chain risks and raw material price volatility," the company said.