Operating profit jumps almost 40pc at Origin Enterprises

Agri-Services group Origin Enterprises has seen its operating profit jump by almost 40pc in the 12 months to July 31.

he Sean Coyle-headed company recorded an operating profit of €61m, a 38pc increase year-on-year, according to annual results.

Origin benefited from a “substantial recovery” in its Irish and UK operating segment, along with continued underlying growth in Central Europe and Latin America operations.

Group revenue increase of 4.4pc to €1.7bn.

Origin’s operating margin also increased to 3.7pc from 2.8pc.

The company, which traces its roots back to IAWS, reduced its net bank debt to €14.4m from €53.2m.

During the year the group sold Pillaert, its Belgian fertiliser business, for €15.5m. It purchased Green-tech, a UK-based forestry and grounds maintenance equipment provider.

Origin’s CEO, Sean Coyle, said: “FY21 saw a much-improved performance for the group, compared to a challenging FY20 impacted by extreme weather and the onset of the Covid-19 pandemic.”

“Although we experienced a delayed season in FY21 following prolonged cold weather in spring, more favourable conditions in the fourth quarter resulted in increased demand for agronomy services, crop inputs and amenity products.”

Origin has proposed final dividend of 7.85 cent per share giving total dividend for the year of 11.00 cent.

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