The agri-services and food business, Origin Enterprises, has seen a big drop in its half year figures as the company adjusts to a repositioned business profile.
Total revenues in the six months to the end of January 2012 were €507m , down 17.3% on the prior year.
Operating profit for the period fell 46.2% to €12.9m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company says after the expansion of its Agri-Services division in 2011 and the formation of Valeo Foods in November 2010 the second half of the financial year has become much more seasonally important with only 15% of operating profits now earned in the first half.
Origin's Chief Executive, Tom O'Mahony said he wanted "agri-intelligence" at the heart of the business. This means giving farmers access to the best research and methods to improve yields and profitability. He also said the board was "comfortable" with analysts' full year earnings expectations
Over the last year the stock has gained 5.3%.
BS
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
