Origin Enterprise has recorded an 8.4% increase in pre-tax profit to €76.223m for the year to the end of July.

The food company also recorded a fall in group debt, falling €24.3m to €67.8m. The company said this highlighted its capacity to generate cash.

Revenue for the year moved 6.6% higher to €1.34 billion. There was also a 5.6% increase in agri-services operating profit to €69.7m.

It said the increase reflects positive volume and margin development in integrated on-farm agronomy services.

Origin CEO Tom O'Mahony said that Origin delivered a strong financial and operating performance in 2012, recording an 11% increase in earnings per share combined with excellent cash generation.

He said the Board is confident about the future performance, and has recommended a 36% increase in the full year dividend to 15 cent per share.