StockMarketWire.com - Irish agri-nutrition and food business Origin Enterprises reported EBITA of €23m for the six months to January 31, down 18% compared with €28m last year.

Revenue fell 16% to €60m from €71m. Agri-Nutrition EBITA was down 21% to €14.9m and Food down 12% to €8.3m.

Origin said the first-half performance was in line with its expectations and it was on track to deliver consensus adjusted EPS of 33c per share for the full year.

CEO Tom O'Mahony said Origin had performed well during the first half in a difficult trading environment.

Year-on-year comparisons were impacted by increased seasonality as agricultural activity became more concentrated towards the second half of the financial year, with customers adopting a cautious approach and deferring buying decisions until closer to the main application periods.

A recent uplift in primary output markets, while welcome, had yet to noticeably impact farm incomes.

The group said that reflecting the seasonality of the business, it will declare an annual dividend with the final results in September.








Story provided by Business Financial Newswire