18 October 2021
Earnings recovery for agri-services group
INTERNATIONAL agri-services group, Origin Enterprises, which provides specialist agronomy advice, crop inputs and digital agricultural solutions to growers has its full year results for the year ending July 31st 2021.
The group delivered a solid earnings recovery with adjusted diluted EPS growth of 44.6% over the prior year on a constant currency basis. This recovery in earnings was primarily driven by increased volumes and improved margins in Ireland and the UK. Group operating profit increased by 38.3% to €61.0 million. Return on capital employed in FY21 was 9.3%, an improvement of 200bps on FY20, driven by the improved earnings performance. Group revenue, including crop marketing revenue, increased by 4.4% to €1,658.4 million on a reported basis and was ahead on a constant currency basis by 7.2%.
Origin’s Chief Executive Officer, Sean Coyle said: “FY21 saw a much-improved performance for the group, compared to a challenging FY20 impacted by extreme weather and the onset of the COVID-19 pandemic. Although we experienced a delayed season in FY21 following prolonged cold weather in spring, more favourable conditions in the fourth quarter resulted in increased demand for agronomy services, crop inputs and amenity products."