Irish agri-services group Origin Enterprises has issued a profit warning for its 2020 financial year, after record rainfall levels in the UK and Ireland last winter dramatically reduced plantings of winter crops.

In a statement, Origin said it expected operating profits and adjusted earnings per share for its 2020 financial year to be “significantly below” the current range of analysts’ estimates. The company said winter crop plantings in the UK would be at least 40% lower in 2020 than previous years and that most farmers would switch to planting spring crops, which would mean a lower investment by farmer customers in agronomy services and crop inputs.