Revenues down at Origin

Agri-nutritional firm Origin Enterprises said group revenue for the nine months to April 30th was down 11.5 per cent to €1,017 million.

Earnings before interest, tax, depreciation and amortisation (Ebitda) in the third quarter was 11.1 per cent ahead of the corresponding period last year as activity has become increasingly concentrated to the second half of the financial year.

However, Ebitda for the nine months to 30th April of €55.5 million was 3.1 per cent lower than the corresponding period last year.

Origin said its agri-nutrition division achieved revenues of €816.5 million compared with €922.7 million in the corresponding period last year, a reduction of 11.5 per cent.

Agri-input volumes are ahead of last year reflecting improved prospects for farm incomes and greater certainty regarding input pricing. The company attributed the reduction in revenue to lower global feed and fertiliser ingredient pricing.

The food division generated revenues of €200.5 million compared with €226.7 million in the nine month period last year, a decrease of 11.5 per cent. Revenues for the quarter to 30th April were 6.8 per cent lower.

The group said that while the environment for farming continues to remain "challenging," the recent tangible recovery in key output markets is providing a welcome boost to sentiment and cash flow for primary producers.

"We continue to remain positive regarding the delivery of full year consensus market expectations," it said.