International agri-services group Origin Enterprises has seen revenue drop by 20.7% to €1.5 billion so far this year.
The company said adverse weather and challenging in-field conditions resulted in a reduced spring crossing area in the UK, and delayed applications across Ireland, the UK and Europe.
It said the pace of revenue decline slowed in the third quarter to 9.8%, reflecting improved feed and fertiliser volumes.
Crop protection volumes showed modest improvement in the third quarter, driven primarily by Continental Europe, but pricing remained weak, it added.
It said ongoing high disease pressure is encouraging late season application.
Last November, Origin Enterprises commenced a share buyback programme to repurchase up to €20.0 million of ordinary shares.
This morning, it said the programme is progressing to plan and is currently around 77% complete.
"The Group remains well on track to deliver the cumulative profit and cash generation and other operational targets, for the period FY2022 to FY2026, as outlined at the 2022 Capital Markets Day," the company said in a trading update.
Preliminary Results for the full year are due to be announced on 24 September.·
