Shares in agri-services company Origin Enterprises slumped today after it said that trading during its fiscal third quarter was disappointing, with lower revenues across its markets in Ireland, the UK and Poland.
The company's shares closed 12.5% lower in Dublin trade today.
In a trading update, the company said that after a positive start in February, the months of March and April experienced a return to abnormally cold and sustained wet weather conditions.
"This has led to a combination of increased crop losses, slower crop development and re-saturated ground conditions which have limited infield crop maintenance and spring planting activity," it added.
The company had said in March that the poor weather conditions, along with a very difficult market backdrop for producers, has resulted in increased seasonality with Origin earning all its current year profits in the second half of the financial year.
It warned today that the current seasonal challenges together with the impact of sustained pressures on the incomes and cash flow of primary producers will make for a highly competitive backdrop to trading in the fourth quarter.
"Accordingly the Board believes that the full year outturn will be lower than the level previously indicated at the time of the publication of the group's interim results", it added.