Agri-services group Origin Enterprises has said that trading across its operations has remained 'strong' during the third quarter of its financial year, despite 'exceptional price volatility'.
In a trading update, the Ireland-headquartered group said the war in Ukraine and ongoing global energy and supply chain challenges have created a challenging pricing environment for both agricultural outputs and fertiliser raw materials.
However, 'continued strong on-farm sentiment and favourable weather conditions' have enabled the business to successfully navigate this price volatility, it added.
As a result of this, the group now expects to deliver higher full-year adjusted diluted earnings per share for the full year, of between 49 cent and 57 cent, excluding the impact of an ongoing share buyback programme.
Capital Markets Day
The group made the statement ahead of its Capital Markets Day, which takes place in London next week, while its third-quarter trading update will be published on 15 June.
Origin Enterprises, which is listed on the Euronext Growth exchange in Dublin and the AIM markets of the Irish and London Stock Exchanges, is a provider of agronomy advice, crop inputs and digital agricultural solutions to farmers, growers, landscapers and amenity professionals.
It has interests in Ireland, the United Kingdom, Brazil, Poland, Romania and Ukraine.
In the half year to 31 January 2022, the group reported a 53.2% increase in revenue, to €877.1 million, with revenue up 48.2% on an underlying basis. Global feed and fertiliser price inflation represented more than 80% of the growth, it added.