Origin Enterprises released an interim half-year statement on Tuesday showing positive financial numbers for revenue and profit.
Group revenue was up 53% to €877m and operating profit was €11m, up from €1.2m for the first half of 2021. Net bank debt decreased to €53m from €104m.
The better numbers are driven in the main by higher prices for feed and fertiliser. Origin plc is a publicly listed company and its core business is selling inputs to cereal and cropping farmers in six different countries.
Ukraine link
While operating in Ukraine in the past, it hasn’t been a strong market for Origin and in its release on Tuesday, it said it had restarted some limited work in Ukraine in areas not affected by the war.
Commenting on the results, Origin chief executive officer Seán Coyle said: “The announcement of these results today is completely overshadowed by the terrible events in Ukraine following the Russian invasion.
"Right across the wider Origin group, we are hugely concerned for our colleagues and have been supporting the safety and wellbeing of our team and their families in the region."
Support teams
"We are deeply saddened by the loss of innocent lives and support the strong international response. Thanks to our colleagues in Agrii Polska and Agrii Romania, we have established internal support teams in Poland and Romania to meet colleagues and their families as they cross the border.
"These teams are in close contact with our Ukrainian colleagues, organising transport, accommodation, food, clothing, medication and any other support required by the families that are crossing the border.”
Numbers In brief:
Group revenue increased by 53.2% to €877.1m. On an underlying basis, at constant currency, revenues increased by €275.9m (48.2%). Operating profit was €11.1m (H1 2021: €1.2m).Adjusted diluted earnings per share of 4.99c. Decrease in net bank debt of €104.6m to €53.7m. Interim dividend of 3.15c/share. Launch of up to €40m share buyback programme. Gouldings Fertilisers is one of Origin's better-known divisions in Ireland, as it specifically deals with fertilisers for the grassland and cereal area.
Liam Dunphy heads up that division for Origin, while Seán Coyle heads up the overall Origin business.
In Ireland, its main play is in grassland, but also the cropping sector.
Poland, Ukraine and Romania are arable markets and Brazil is mainly soy and maize crops, but coffee and sugar are important crops there also.
Origin Enterprises released an interim half-year statement on Tuesday showing positive financial numbers for revenue and profit.
Group revenue was up 53% to €877m and operating profit was €11m, up from €1.2m for the first half of 2021. Net bank debt decreased to €53m from €104m.
The better numbers are driven in the main by higher prices for feed and fertiliser. Origin plc is a publicly listed company and its core business is selling inputs to cereal and cropping farmers in six different countries.
Ukraine link
While operating in Ukraine in the past, it hasn’t been a strong market for Origin and in its release on Tuesday, it said it had restarted some limited work in Ukraine in areas not affected by the war.
Commenting on the results, Origin chief executive officer Seán Coyle said: “The announcement of these results today is completely overshadowed by the terrible events in Ukraine following the Russian invasion.
"Right across the wider Origin group, we are hugely concerned for our colleagues and have been supporting the safety and wellbeing of our team and their families in the region."
Support teams
"We are deeply saddened by the loss of innocent lives and support the strong international response. Thanks to our colleagues in Agrii Polska and Agrii Romania, we have established internal support teams in Poland and Romania to meet colleagues and their families as they cross the border.
"These teams are in close contact with our Ukrainian colleagues, organising transport, accommodation, food, clothing, medication and any other support required by the families that are crossing the border.”
Numbers In brief:
Group revenue increased by 53.2% to €877.1m. On an underlying basis, at constant currency, revenues increased by €275.9m (48.2%). Operating profit was €11.1m (H1 2021: €1.2m).Adjusted diluted earnings per share of 4.99c. Decrease in net bank debt of €104.6m to €53.7m. Interim dividend of 3.15c/share. Launch of up to €40m share buyback programme. Gouldings Fertilisers is one of Origin's better-known divisions in Ireland, as it specifically deals with fertilisers for the grassland and cereal area.
Liam Dunphy heads up that division for Origin, while Seán Coyle heads up the overall Origin business.
In Ireland, its main play is in grassland, but also the cropping sector.
Poland, Ukraine and Romania are arable markets and Brazil is mainly soy and maize crops, but coffee and sugar are important crops there also.
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