Food and agri-services company Origin Enterprises has reported pre-tax profits of €88.16m for the year to the end of July,  up almost 1% on the €87.4m reported the previous year. 

The Dublin-listed company said that revenues for the year rose by 3% to €1.458 billion from €1.415 billion.

Origin said it was proposing a 5% increase in annual dividend to 21 cent per share.

The company also said today that it has appointed Gary Britton and Rose Hynes as non-executive directors to its board from October. 

Gary Britton is currently a non-executive director of the Irish Stock Exchange, KBC Bank Ireland, The Cheshire Foundation in Ireland and Cairn Homes. 

Rose Hynes is the senior independent director of Total Produce, One Fifty One and Mincon. She is also Chairman of Shannon Group and Ervia.

"Origin has achieved a satisfactory result in line with expectations, recording a 4.5% increase in adjusted diluted earnings per share together with the delivery of robust cash generation during the year," commented the company's chief executive Tom O'Mahony.

Mr O'Mahony said that the ongoing development of the group’s integrated technology and agronomy service portfolios has helped to underpin a resilient performance from agri-services during the year.

This was against the backdrop of the current bearish crop cycle, which coupled with reduced seasonal intensity, resulted in lower overall market demand for services and inputs in the year, he said.

"The divestment of our interest in Valeo Foods together with the recently announced Agri-Services development in Eastern Europe furthers the group’s capital reallocation objectives and provides a solid growth platform from farm services in the years ahead," he added.

Looking ahead, the company said that farmers are currently facing a challenging period as price and currency volatility exert considerable pressure on their incomes and cash flow. 

Origin said that primary output markets continue to remain under sustained pressure with near term visibility on new price direction unlikely before the middle of next year. 

"While we remain cautious regarding our outlook in the short term, the group is well positioned to respond to current market conditions and to benefit from a sustained improvement in primary producer returns," the company added.

Shares in the company were lower in Dublin trade today.