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Origin Enterprises PLC on Tuesday reported a double-digit rise in group revenue, as it warned ‘challenging macro-economic conditions’ will persist in the 2023 financial year.
The Dublin-based agronomy services company said in the three months that ended on October 31, group revenue increased by 58% to €716.2 million, from €454.1 million a year earlier.
Origin said on an underlying constant currency basis, revenue for Agronomy and Inputs increased by 63.4%. ‘This reflects strong early season crop input volume growth particularly in Latin America and UK/Ireland, combined with the impact of price inflation across the group in each of our seed, crop protection, feed and fertiliser portfolios in the period’.
In Ireland specifically, revenue rose by 70% to €460.0 million from €271.6 million.
The company added that its €20 million share buyback programme is in progress.
Looking ahead, Origin Enterprises said the quarter delivered a ‘strong start’ to the year with ‘favourable autumn or winter planting levels setting a solid foundation for the financial year’.
However, it warned that the challenging macro-economic conditions from financial 2022 have ‘persisted’ into the quarter, including significant general inflation, challenging energy markets and less certainty around product availability. This has resulted in a volatile trading environment.
The company said it will provide its interim results announcement in March next year.
In September, Origin had said that in the financial year that ended July 31, pretax profit more than doubled to €100.3 million from €46.7 million the year prior. It reported revenue of €2.34 billion in the recent year, up 41% from €1.66 billion in financial 2021.
Origin Enterprises shares were flat at €3.71 cents each on Tuesday in London.
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