Origin rises on strong quarter

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Origin rises on strong quarter
Origin rises on strong quarter

Shares in Irish agri-services group Origin Enterprises rose by over 3% on the back of the business showing strong revenue generation in the first quarter of its latest financial year.Origin — which has spent much of this calendar year expanding its international footprint — said that it generated revenue of €430m in the three months to the end of September, up by almost 24% on the same period last year.READ MORE: Costs eat into Eddie Rocket’s profitsTraditionally, the bulk of Origin’s revenues and earnings are generated in the second half of its financial year, given its core markets of Britain, Ireland and Eastern Europe. However, earlier this year, the group expanded into western Europe — through the purchase of a Belgian fertiliser business —and South America, with the acquisition of stakes in two Brazilian businesses in the agronomy and crop nutrition areas.Origin was upbeat in its outlook, saying demand levels for agronomy services and crop inputs have been strong. “There has been a positive start to trading for the 2019 financial year in the seasonally quiet first quarter,” it said.Last month, Origin reported a 9% rise in revenue, to €1.63bn, for the 12 months to the end of July and a 7% increase in pre-tax profit to €70.3m. It also said it is well-prepared for any short-term logistical disruption caused by a no-deal Brexit.
Source: Business News