Origin Enterprises sees profits shift from first half

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.

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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