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.
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
-
DIY pension investors take tax-free cash amid switch to ISAsSelf-invested personal pension (SIPP) investors are rushing to withdraw their tax-free cash and turning to ISAs amid fears of a pension tax raid in the Autumn Budget
-
12 ways pensions could be reformed in Budget – including an alternative to charging IHTPension savers could face new rules after the Budget if chancellor Rachel Reeves targets their pots to fill her own fiscal black hole – what potential pension changes could be on the way?
