‘Solid growth' for Origin Enterprises drives increased revenues
This represents an 4.1% increase year-on-year, which the company said reflected 'solid organic growth' across both its agriculture and Living Landscapes divisions.
The trading update published today (Thursday, June 12) shows that quarter three (Q3) revenue was up by 12.8% on the same period last year.
Excluding crop marketing, Origin said that group revenue year-to-date (YTD) increased by 6.7%.
This was driven by a 7.4% increase in volumes as demand for agriculture-related products and services recovered, a 0.7% contribution from acquisitions and 0.7% from currency, partially offset by a 2.1% decline in pricing.
Origin Enterprises
In agriculture, Origin saw overall reported revenue of €1.45 billion, a 2.6% increase YTD.
Ireland and the UK recorded a 6.7% increase in revenue to €901.3 million YTD, with a strong Q3 performance delivering a 20.8% increase in reported revenue to €470.9 million.
Underlying volumes increased 8.3% YTD (Q3: 19.7%) which was partially offset by a pricing headwind of 3.8%.
Origin said that the total autumn and winter wheat area in the UK is 1.67 million hectares, a 24% increase on the previous year.
'Combined spring and winter cropping is expected to be largely in line with prior year at 4 million hectares, as we see a return to more winter from spring planting.
'Increased demand for key plant protection inputs reflects the recovery in winter cropping, with dry spring conditions enabling early spring drilling and favourable windows for in-field activity.
'Dry conditions have resulted in lower disease pressure and yield expectations, and combined with weaker output pricing, this may lead to more selective in-season input use as growers adapt to conditions,' the company said.
Origin noted strong performances in both soil nutrition and animal nutrition in the region.
Source: Origin Enterprises
Continental Europe reported a revenue decline of 2.6% to €443.8 million YTD, primarily due to lower revenue in the crop marketing division reflecting reduced grain prices.
Excluding crop marketing, revenue grew 5.7% YTD, with underlying volumes increasing by 4.3%, driven by strong demand for key inputs.
In Poland, spring crops have progressed well, supported by favourable in-field conditions that enabled timely planting. The total cropping area is expected to be broadly in line with the previous year at around 9 million hectares.
In Romania, crops are also well established, supported by recent rainfall that has improved soil moisture. Combined winter and spring plantings are expected to be in line with last year at approximately 8.9 million hectares.
Origin said that Latin America delivered revenues of €104.3 million YTD, a 7% increase on a constant currency basis (-7.7% reported decrease).
Strong volume growth of 9.6% in underlying performance was offset by reduced pricing of 2.6%.
The company noted that currency continues to be 'a significant headwind' with a 14.7% negative impact on reported performance year-on-year.
Crop establishment across the region is progressing well, with favourable weather enabling expanded plantings.
Origin said that its Living Landscapes division reported revenue of €137.2 million, up almost 24% YTD.
The company said that strong underlying growth of 12% and favourable trading conditions drove increased demand across the portfolio.
Origin Enterprises CEO Sean Coyle
Sean Coyle, Origin Enterprises chief executive officer, said the group 'delivered an encouraging performance in the first nine months'.
'Improved momentum in Q3 was driven by favourable application conditions for crop inputs and an increased winter cropping area in the northern hemisphere, together with strong demand in Living Landscapes supported by recent acquisitions.
'Despite the impact of the depreciation of the Brazilian Real versus the Euro, we expect our increasingly diversified earnings base will result in operating profit growth in 2025 and guide full year adjusted diluted earnings per share (EPS) of 50c to 52c.
'We remain on track to deliver the Group's stated financial and operational targets for the period FY2022 to FY2026 as outlined at the 2022 Capital Markets Day,' he said.
Origin Enterprises will announce its preliminary results for the 2025 financial year (FY25) on September 23, 2025.
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