International agri-services group Origin Enterprises has reported higher revenues and profits for the six months to the end of January and said it is well positioned to deliver on its financial and strategic targets.
Revenues for the six months rose by 34.5% to €1.18 billion from €877.1m the same time last year, while its profit before tax rose to €13.3m from €7.6m.
The company said its underlying business volumes, excluding crop marketing, reduced by 4.6% mainly due to reduced fertiliser demand and significantly lower activity in Ukraine.
Origin said that a favourable planting profile in Ireland and the UK resulted in solid early season volumes across its seed portfolio, while overall fertiliser demand reduced due to higher global raw material prices.
"In Continental Europe, Poland and Romania saw strong demand in the crop protection and seed portfolios, with an element of forward buying by growers, while LATAM delivered a strong underlying performance across its product portfolio," it added.
During the six month period, the company announced a deal to buy Keystone Environmental, the integration of which is progressing to plan.
Today it announced the acquisition of Agrigem Limited, the largest independent specialist supplier and advisor of ground care products throughout the UK and Ireland.
It said this deal extends its product range and broadens its offering in the Amenity sector.
Origin's chief executive Sean Coyle said the group delivered a positive revenue, operating profit and EPS performance in the first half of the year.
The company's improved performances in LATAM and Continental Europe offset a reduction in operating profit in Ireland and the UK, he added.
