- Agricultural services group Origin Enterprises warned of profits significantly below analysts' expectations, citing heavy rainfall in Ireland and the UK.

The company had said in November that the total area for winter crops was expected to be 25% down on the previous year.

'Following further heavy and sustained rainfall from December 2019 to February 2020 to-date it is now expected that the total winter planted area in the UK will be at least 40% lower year on year,' Origin said.

A greater areas was anticipated to transfer to spring cropping, with a consequential lower investment spend by farmers and growers on agronomy services and crop inputs.

The total planted area for the 2020 financial year was expected to shrink about 10% on-year, compared to an anticipated 2% reduction mentioned in November.

Operating profit and adjusted diluted earnings per share would now be 'significantly below the current range of analysts' estimates', Origin said.

At 9:32am: [LON:OGN] Origin Enterprises PLC share price was -0.4p at 3.15p

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