Continental Farmers Group has reported after-tax profits of €3.1m for the year to the end of December, up 19% on the €2.6m reported in 2010.

Group revenues rose by 19% to €25m, which CFG said reflected the positive backdrop to primary food production and a major crop expansion by the group.

CFG is an agricultural producer with farming operations in Poland and Ukraine, growing oil seed rape, potatoes, wheat, sugar beet and maize.

Origin owns about a quarter of the firm

The company reported a 20% increase in the area under harvest to 18,369 hectares, with hectares cropped in Ukraine growing by 23% to 15,927 hectares. Polish hectares harvested remained steady at 2,442.

The company said that in 2010, the Ukraine results were driven by strong potato and sugar beet pricing due to a shortage of market supply, at a tune when cereal yields were low. However 2011 was very different, with strong cereal pricing and yields offsetting poor potato pricing, which was driven by an oversupply in the Ukraine market.

The company's chief executive Mark Laird said that it is well placed to make further substantial progress and it remains confident regarding its prospects for 2012.

''We are on track to have over 24,000 hectares under crop in Western Ukraine in 2012 and continue to focus on the management of climatic, cropping and pricing risk. We believe CFG is well positioned to respond to new opportunities as they arise,'' he added.

These are CFG's first results since listing in Dublin and London last June.