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Origin Enterprises PLC on Tuesday reported a strong first half across all three of its segments despite the challenges posed by a volatile supply chain.
The Dublin-based agri-services company reported pretax profit of €6.0 million in six months that ended January 31, swung significantly from a loss of €7.1 million a year previous.
Revenue rose 53% to €877.1 million from €572.4 million. Global feed and fertiliser price inflation represented over 80% of the revenue growth in the half, Origin explained, with increased overall demand driven by a combination of forward buying by farmers and an encouraging autumn/winter planting season.
Origin added that it intends to launch a share buyback programme of €40 million on Wednesday which will run until November 15. The company also declared an interim dividend of 3.15 EUR cents, unchanged from a year before.
Looking forward, Origin said it expects to deliver ‘solid’ growth in full-year earnings but is mindful of price volatility and supply chain risks in the second half.
Shares were untraded at €3.39 on Tuesday midday in London.
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