Agri-services group Origin Enterprises has reported group operating profits of €13.25m for the six months to the end of January, up 2.5% on the same time last year.
Pre-tax profits, before exceptionals, for the six month period rose to €7.317m from a pre-tax loss of €3.281m the same time last year.
The company said its agri-services revenue rose by 11.9% to €567.7m from €507.4m despite the impact of low winter crop plantings in the UK due to a sustained period of unseasonably wet weather.
Increased spring planting is now expected as a result.
Origin reported a 16% increase in adjusted fully diluted earnings per share to 7.59 cent for the six month period. Its earnings profile is significantly weighted towards the second half of the year.
In its results statement, the company said it had reduced its net debt by €15.2m to €178.7m in the six month period.
''Origin has delivered a solid operating and financial performance, recording a 16.2% increase in adjusted earnings per share during the seasonally quiet first half of the financial year,'' commented the company's chief executive Tom O'Mahony.
He said the group's strategic associate and joint venture investments performed strongly in the period, reflecting a positive output price environment together with the benefits of improved integration and scale.
''We remain comfortable with full year consensus expectations of adjusted fully diluted earnings per share of approximately 48.5 cent,'' he added.
