Origin Enterprises announced financial results for the financial year ending 31 July 2024, which showed operating profit down 8% to €83.5m.

The company has proposed a final dividend of 13.65 cent per share, making a total dividend for the year of 16.80c, the same as what was paid to shareholders in 2023.

Origin said that lower global pricing for feed and fertiliser drove revenue almost 17% lower to €2bn.

Reduced planting area in the UK and delayed on-farm activity due to adverse weather hit the company's bottom line.

The operating profit at Origin’s agriculture business was down 10.1% to €71.6m. Operating profit at the amenity, ecology and environmental business – called Living Landscapes – increased to €11.9m.

Other costs

The company had exceptional costs of €4.5m relating to the closure of its business in Ukraine, which was completed in early 2024. There were also redundancy costs of €3.5m, largely relating to a restructuring within the UK business.

The insurance claim over the 2021 fire at the R&H Hall storage facility in Ringaskiddy was settled during the year for a figure €1m higher than the net book value of the assets.

Origin’s chief exocutive Officer Sean Coyle said: “While trading conditions have been particularly challenging throughout FY24, the resilience of our business model and increased diversity of our earnings profile is evident in our solid full-year performance.”

Shares in the company gained as much as 4% in Dublin trading on Tuesday morning in the wake of the results announcement.