Agri-food group Origin Enterprises has reported revenues of €507.4m for the six months to the end of January, down 17% from the same time the previous year.
Group operating profits fell by 46% to €12.9m from €23m and the company said that comparisons with 2011 were impacted by acquisitions made during the second half of the year.
The results were in line with the company's expectations.
Explaining the fall in profit and revenues, Origin said this was due to the repositioning of the group after the Valeo deal and acquisitions in the agri-services. This means the second half of the financial year has become much more seasonally important with 15% of operating profits now typically earned in the first half of the year.
The company added that the commercial, technical and business process integration relating to its recent acquisitions was progressing well.
Origin said its on-farm agronomy services across the UK and Poland performed strongly during the six month period, due to positive investment momentum at farm level with favourable crop planting activity during the key autumn growing season providing an excellent foundation for the full year.
The company also combined its Masstock and UAP sections under a new identity called Agri earlier this year.
''We remain confident regarding out future prospects and are comfortable with full year analyst earnings expectations,'' commented the company's chief executive Tom O'Mahony.
