Agribusiness company Origin Enterprises has reported a 9.2 per cent increase in revenues to €1.15 billion for the nine-month to April 25th.
The company, which is 71 per cent owned by food group Aryzta, said if the impact of acquisitions, disposals and exchange rate impacts were excluded, revenues were 5.6 per cent lower.
Origin’s agri-nutrition unit had revenues of €922.7 million, a rise of 16.7 per cent or €131.9 million compared to the prior period.
Revenues at its food unit were 13.4 per cent lower at €226.8 million, a performance the company described as resilient in the in the context of a “significant weakening in consumer sentiment”.
The company has also written down the carrying value of its investment properties by €135 million and the release of a related deferred tax liability of approximately €30 million.
Origin said following a review of its dividend policy its initial annual dividend will be approximately 8 per cent per ordinary share with final details to be announced in September.
The company said it remained “positive” about its full-year performance.
Origin said it was “on target to deliver growth in adjusted fully diluted” earnings per share for the year to July 31st.