Agri-services group Origin Enterprises said that despite challenging spring conditions, it is guiding full year adjusted diluted earnings per share of between 34 and 36 cent, up from 25.69 cent the previous year.
In a trading update for the three and nine months ended April 30, the company reported "a satisfactory performance" for the seasonally important third quarter despite the adverse impact of prolonged cold weather on farm activity.
"Despite reasonably favourable autumn planting conditions, normal spring farm activity was held back by exceptionally cold conditions in April, which extended across the whole of Europe," Origin Enterprises said.
The company said that persistent cold spring weather and the absence of pest and disease prevalence in crops has resulted in lower input volumes in the third quarter across its Ireland, UK and Continental European markets.
It said overall business volumes are marginally positive year-to-date, but added that this is set against a comparative period that experienced "significant challenges" with extreme weather conditions and the early stages of Covid-19.
Origin Enterprises' said its group revenue came to €597.8m in its fiscal third quarter, a decrease of 1.2% on the previous year.
It said this was mainly due to the impact of delayed in-field activities and on-farm crop input investment, after that cold spring weather conditions across Ireland, the UK and Continental Europe.
Group revenue for the nine months ended April 30 was €1.170 billion, down 3.3% year-on-year on a reported basis.
The company said today that Covid-19 continued to be a challenge for it, particularly in Continental Europe and Brazil.
"While the group continues to implement a range of extensive measures to ensure the safety of our people and maintain continuity of service to the agricultural community, in line with government and health authority guidelines, increased restrictions across some of our geographies has limited some on-farm access," it stated.
Origin Enterprises said it was seeing a positive start to trading in its fiscal fourth quarter, as its operations benefitting from more settled weather conditions across its core markets.
It noted a degree of catch-up activity on the delayed in-field activities and reduced on-farm spend seen during the third quarter.
Shares in the company jumped over 7% in Dublin trade today.