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23 Nov 2018 | 07:21

Origin Enterprises revenue jumps 24% in first quarter

Agricultural services group Origin Enterprises said its revenue jumped by 24% in the first quarter, owing to an acquisition and higher seed, crop protection and fertilizer volumes.

Revenue for the three months through October rose to €430.0m and was boosted by the acquisition in August of Brazil's Fortgreen.

On an underlying basis at constant currency, revenue rose 18% to €62.4m, the company said ahead of its annual general meeting.

'The performance achieved in the first quarter of the year represents a positive start to the financial year for the group, supported by steadily improving sentiment on-farm,' Origin said.

'The autumn and winter cropping profile in our Ireland/UK and continental European geographies provides a good foundation for the seasonally more important second half of the year.'

'The group's newly acquired operations in Latin America will result in additional contribution in the first half of the Origin year, with solid progress on plantings providing an encouraging start to the year.'

'A further update on cropping status and farming activity ahead of the group's main trading season in the second half will be provided at the time of the interim results announcement in March 2019.

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