Origin Enterprises has said its profits for the six months to the end of January rose by 3% to €613.3m. Operating profits for the six months rose by 14% to €24m.
The company said its agri-services division saw a 61% increase in operating profits to €12.6m due to the improved operating environment for farming. But operating profits at its food division fell by 38% to €5.05m.
Pre-tax profits were €14m, up from €3.9m in the same period a year earlier.
Origin also said this morning that it has agreed a deal to buy United Agri Products Limited and Rigby Taylor Limited in the UK.
The company said the UAP deal builds upon Origin's core position in the provision of integrated crop production systems to primary food producers. Rigby Taylor extends the Group's offering into new channels.
'Based upon the group's strong performance to date we expect full year adjusted earnings per share from the existing businesses to exceed consensus expectations and to be at least in line with last year,' commented Origin's chief executive Tom O'Mahony.
He said the completion of the Valeo Food deal during the period was an important step in refocusing the group's activities while it also strengthened the competitiveness and market positioning of Origin's consumer foods interests.
