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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
