Origin Q3 revenues grow, FY income impacted by wet weather

17th Jun 2020 08:05

(Sharecast News) - Agribusiness Origin Enterprises said on Wednesday that third-quarter revenues had grown 1.6% but warned that it was still on track to come in lower for the full-year as a result of a stretch of wet weather.

Origin said revenues for the quarter were €604.8m, while year-to-date sales were up 6.7% at €1.21bn.

The AIM-listed group said its weaker full-year performance was due to a lower level of intensive autumn and winter crop plantings following the wettest autumn winter planting season in three decades.

"Our markets experienced extremely dry conditions in the third quarter which persisted into June, leading to significant soil moisture deficits which negatively impacted overall crop potential for farmers and growers, thereby resulting in a lower intensity of crop input investment spend," Origin said.

Origin also said that operating restrictions stemming from the Covid-19 pandemic had led it to implement a "range of extensive measures" to ensure continuity of services.

As of 1455 BST, Origin shares were up 1.14% at €2.66 each.