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Farm recovery boosts Origin revenues

Farming - Upturn lifts demand for Origin products
Farming - Upturn lifts demand for Origin products

Agri-food company Origin Enterprises says it performed strongly in the three months to the end of April.

In a trading update, it said agri-services revenue for the three months - its third financial quarter - rose 4.3% from a year earlier to €370.3m. The performance was boosted by the acquisition of UK-based United Agri Products in March.

Origin also said a marked recovery in the farming sector has led to stronger demand for its products. Revenue for the first nine months is 15% ahead at €939.3m.

The company also said its interests in consumer foods business Valeo Foods and marine proteins and oils business Welcon also performed well in the three-month period. Valeo was formed through a merger of Origin's food businesses with Batchelors.

Origin said it was 'comfortable' with current market estimates for 10% growth in adjusted earnings per share for the full financial year.