Revenues at Irish agri-food group Origin Enterprises take a hit
Irish agri-food group Origin Enterprises has announced a fall in revenues of €54.3m (£47m) due to adverse weather, currency fluctuations and acquisitions made by the firm over the course of the year.
There was a decline in adjusted earnings per share of 25.9% to €44.51 (£38).
Origin's revenues grew to €1.5bn from €1.4bn in 2015, but the company cited the challenging environment in the agri sector as the main reason for the decline this year, saying the results reflect "the impact of lower input prices and crop marketing volumes".
The company said operating profit fell to €67.3m (£58m) this year, compared to €78.9m (£68m) in 2015.
"Pressure on farm incomes and cash flow led to highly competitive trading conditions and lower demand across a variety of market sectors," Origin said.
The company trades with Belfast-based W&R Barnett in joint venture, R&H Hall.