Profits down for agri-services Origin

Origin Enterprises will report full-year earnings this Wednesday. The agri-services group is predicting diluted earnings per share of approximately 55 cent.

The company said it expects on-farm activity in the most recent quarter to be lower compared with last year, when unseasonal weather patterns concentrated activity into the final quarter. Davy Stockbrokers is forecasting full-year revenues of €1.4 billion, implying an 8 per cent year-on-year fall in Q4 revenues.

The stockbroking firm said it expects Origin’s free cash flow (after €12.8 million of capex) to increase by €10 million to €52.5 million.

Earnings before tax, interest and amortisation (EBITA) of €80.1 million and EPS growth of 5.8 per cent. Year-end net debt is forecast at €18.6 million, an €11 million reduction year-on-year.

In May, the company reported third-quarter revenues of €512 million, almost 20 per cent higher than the same quarter in 2013.

Revenues were €1.03 billion for the nine months to the end of April compared with €995.7 million in the equivalent period last year, an increase of 3.5 per cent.

In a trading update at the time, the company said volume growth was just under 25 per cent in the quarter.

In August, Imelda Hurley succeeded Brendan Fitzgerald as chief financial officer of the company.