Agri-services firm Origin Enteprises recorded a 24% rise in revenue in the three months to the end of October, thanks to the acquisition of Brazilian firm Fortgreen.

In a trading update, Origin's group said its revenue stood at €430m in its first quarter, compared to €346.7m a year ago.

The increase reflects higher seed, crop protection and fertiliser volumes and prices.

Europe's growing season meant Origin's revenue was traditionally weighted towards the second half of its financial year but the acquisition of Fortgreen allows it to balance that with activity in the southern hemisphere.

Ireland and the UK delivered a good performance recording underlying volume growth in agronomy services and crop inputs of 14.4% in the period.

In particular, this performance was positively supported by seasonal timing and volume contribution from the Bunn fertiliser business which was acquired in the prior year.

On an underlying basis at constant currency, there was an increase in revenue of 18.0% compared to the corresponding period last year.

The impact of currency movements on Origin's revenue during the period was an increase of €2.5m (1.2%).

In an investor note, Davy said "Origin’s Q1 IMS confirms that it has made a good start to FY19.

"Improving farm sentiment and the delivery of mid-teens volume growth in Q1 provide confidence ahead of the seasonally important H2.

"We envisage no material change to forecasts, although upside risk remains."

On Brexit, Origin said the UK's exit from the European Union "continues to be an area of focus.

"Given Origin's well-diversified businesses in Ireland, the UK, Continental Europe and Latin America, the Group is able to maintain a flexible approach to dealing with the potential challenges that might arise following Brexit.

"We believe that we are well prepared for any short-term logistical disruption that may result from a no-deal Brexit, however the Board and senior management will continue to closely monitor Brexit negotiations and adjust the Group's strategic and operational plans as necessary."