25 May 2012

Origin surging ahead

21/11/2011 Ben Jaglom

AIM quoted agricultural concern Origin Enterprises (OGN) has issued a trading update in which it enthuses over the 'robust activity at farm level'.

The company, which operates a number of agricultural-based businesses in locations including Poland, Ireland and the UK declared a €24.8 million (£21.3 million) decline in sales over the three months to 29 October to €315.8 million. This was due to a change in Valeo Foods, which was last year a wholly owned business but became an associate. Valeo contributed €34.6 million in revenues last year.

In its agri-services division saw turnover climb from €306 million to €315.8 million and Origin notes it benefited from the 'good autumn growing conditions' as well as what it describes as 'favourable demand' for 'full service agronomy and technical seed applications'. The company says its current autumn planting estimates are for a 2 per cent rise in wheat areas as well as a 5 per cent increase in oil seed rape acreage, something it says should provide an 'excellent platform for the full year results'.

Shares in the company currently trade at 3.18 cents and like many of its agricultural peers the shares are best considered a speculative investment.

Tags: Agriculture on AIM, AIM minnows, AIM newcomer, Farming business

Sector: Food Producers

Companies: Origin Enterprises

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