Origin Enterprises keeps dividend flat as sales rise, profit declines

Origin Enterprises PLC on Tuesday posted a decline in first-half profit, but maintained its dividend at the same level, bolstered by revenue growth.

Shares in the Dublin-based agricultural products and services provider rose 3.8% to 384.10 pence on Tuesday afternoon in London.

Origin Enterprises booked pretax profit of €6.1 million in the six months ended January 31, down 13% from €7.0 million on-year. This was in part due to finance costs, which increased to €11.3 million from €10.0 million.

However, total operating profit was up 0.4% to €17.4 million from €17.0 million, on revenue of €852.6 million, which had grown 2.5% from €831.7 million.

The company left its interim dividend unchanged from the year prior at 3.15 euro cents.

It noted good trading conditions across its markets, which include Ireland and the UK, Continental Europe and Latin America. Agriculture sales rose to €766.5 million from EUR 756.5 million, while Living Landscapes, the division which advises on land use other than agriculture, contributed €86.1 million in revenue, up from €75.2 million the previous year.

Origin plans to publish full-year guidance with a third-quarter update on June 11, and outline a five-year plan at its capital markets day on November 17.

Chief Executive Sean Coyle sold 40,000 Origin shares at €4.24 for a total of €169,600 on Tuesday, but remained optimistic about the firm’s prospects, noting: ‘Activity across both Agriculture and Living Landscapes was in line with expectations, establishing a strong operational base across our markets as we move into the more significant second half.

‘In Agriculture planting activity across our markets has set an encouraging platform for the remainder of the year, while on-farm sentiment remains cautious given output prices. Our Animal and Soil Nutrition businesses had a strong performance, and our order books are well positioned for the second half.

‘Living Landscapes had a good first half driven by Sports and Landscapes combined with acquisition-led growth in Environmental. The integration of recent acquisitions continues to progress well...We have an active pipeline of further acquisitions in this segment and remain excited about its performance and prospects.’

Coyle added: ‘Planting areas and crop conditions are good across our markets, and demand for animal and soil nutrition products has been solid.’

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