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Agri-services group Origin is more upbeat about 2022 results

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Agri-services group Origin Enterprises has said it expects higher earnings growth and shareholder returns in 2022 as trade strengthens in its three main markets.

In an unscheduled trading update and earnings forecast on Friday, the group said full-year fully adjusted diluted earnings per share will be “in the range of 45 to 49 cents,” excluding any impact from the ongoing €40 million share buyback program.

Market expectations had put gains at around 43 cents, according to Goodbody analyst Jason Molins, who said the news represents a 30 percent improvement from a year ago, with Goodbody likely raising its underlying estimates by at least 10 percent as a result.

Origin, under its Agrii brand, provides advice, services and supplies to arable, fruit and vegetable growers in the UK, Poland, Romania and Ukraine.

In a statement on Friday, Origin said the recovery in Ireland and the UK in the first half of last year continued in the third quarter.

It said positive farm sentiment supported performance in Poland and Romania, while Latin American business “exceeded expectations”.

The group recently resumed limited local operations in Ukraine in non-conflict areas. It had ceased operations after the February 24 Russian invasion.

Origin has 13 regional offices and seven regional warehouses in Ukraine, totaling 20,000 square meters, two demonstration centers, chemical, seed and plant disease laboratories.

Last month, Origin launched a €40 million share buyback program that is expected to last through November, but of which Goodbody says nearly 75 percent is complete.

In its interim results last month, the group announced a 53.2 percent increase in sales to 877.1 million euros in the six months to the end of January 2022.

On an underlying basis and at constant exchange rates, sales increased by 275.9 million euros, up 48.2 percent.

The rise was driven by global inflation in feed and fertilizer prices, which accounted for more than 80 percent of sales growth for the half, Origin said at the time.

Origin is hosting a Capital Markets Day on May 10th.

https://www.independent.ie/business/irish/agri-services-group-origin-more-upbeat-about-2022-earnings-41532769.html Agri-services group Origin is more upbeat about 2022 results

Fry Electronics Team

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