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Origin Enterprises revenue drops 14% in first quarter
StockMarketWire.com
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Irish agri-services group Origin Enterprises said its first-quarter revenue had slipped 14% owing to delayed harvests and dry planting conditions.
Revenue for the three months through September had fallen to €318.3 million, down from €371.2 million year-on-year.
On an underlying constant currency basis, revenue declined by 11% amid a 3.3% underlying volume reduction in sales of seed, crop protection and fertiliser.
Origin Enterprises said the planted area for autumn and winter crops was expected to be broadly in line with the prior year, with an increased cropping area in the UK, offset by reduced cropping in Continental Europe.
An improved level of autumn plantings in the UK was expected to deliver increased agronomy services, seed and crop protection volumes in the 2021 financial year -- with a positive impact on operating profit as is anticipated in current analysts' estimates.
At 9:35am: (LON:OGN) Origin Enterprises PLC share price was 0p at 3.55p
Story provided by StockMarketWire.com
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