Sean Coyle, CEO of Origin Enterprises
Origin Enterprises recorded a drop in revenue in the third quarter of its financial year as global feed and fertiliser raw material prices declined.
Revenue was down 9.8pc in the three months to the end of April compared to the same period in 2023.
While pricing remained weak, the Dublin-listed group, which provides agronomy advice, crop inputs and digital agricultural solutions, noted that there was an improvement in feed and fertiliser volumes.
Origin also reported revenues of €1.52bn in the nine months to April 30, down 23.1pc compared to the prior year.
This was attributed to “significantly” lower feed and fertiliser costs. This decline drove price reductions of 29pc in the period.
Volumes were up 5.7pc, supported by these price drops, Origin said.
Origin also pointed to adverse weather and field conditions which continued in the three months to the end of April and delayed on-farm activities.
In Ireland and the UK, revenues were down 10.3pc to €439.2 in the three months to the end of April compared to the same period last year.
The company noted that both autumn and winter cropping and spring and winter plantings were lower than levels recorded in the previous financial year as a result of persistent rainfall.
Origin said it now expects its adjusted earnings per share to be in the range of 45c to 48c,
