Shares of Origin Enterprises plc (OGN.L) were losing around 5 percent in the morning trading in London after the farm services provider on Tuesday reported a loss in its first half, compared to prior year's profit.
Looking ahead for fiscal 2024, the company now expects earnings in the range of 44 cents to 49 cents per share, reflecting the effects of adverse weather conditions. In fiscal 2023, adjusted earnings were 53.16 cents per share.
Further, the company announced that an interim dividend of 3.15 cent per share, same as last year, will be paid on June 21 to shareholders on the register on May 31.
In addition, the company announced the appointment of TJ Kelly, Group CFO, to the newly established role of Divisional Managing Director of Amenity, Environmental and Ecology Services division, effective August 1.
The recruitment of a new Group CFO is well advanced and a further update will be provided in due course. Kelly will continue as Group CFO until the appointment of his successor. In his new role, he will continue as an Executive Director of the Board.
For the first half, loss before income tax was 3.94 million euros, compared to last year's profit of 6.29 million euros. Loss per share was 3.12 cents, compared to profit of 3.52 cence a year ago.
Adjusted loss before income tax was 1.17 million euros in the latest first half.
Profit before tax before amortisation of non-ERP intangible assets and exceptional items was 5.3 million euros, down from 13.3 million euros a year ago.
Adjusted earnings per share were 3.75 cents, compared to last year's 8.70 cents.
Group revenue fell to 854.9 million euros from last year's 1.18 billion euros. Underlying business volumes, excluding crop marketing, reduced 2.6 percent due to adverse weather conditions impacting autumn/winter planting activity in the northern hemisphere.
In London, Origin Enterprises shares were trading at 3.10 euros, down 4.91 percent.
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