Origin Enterprises has outlined its intention to repurchase €20 million worth of its shares, despite a decline in first-quarter revenues attributed to the persistent softening of feed and fertiliser prices.

In a trading update released earlier this month, the agricultural services conglomerate, specialising in on-farm services, crop technologies, and inputs, including fertilisers for farmers, reported a 4% reduction in underlying crop input volumes for its UK and Ireland division during the three months ending in October – marking the initial quarter of its fiscal year.

Prior to its Annual General Meeting in Dublin, the company indicated that a belated harvest and "challenging weather conditions" collaborated to postpone the autumn and winter planting season in certain UK regions.

In Europe, Origin noted that drought conditions in Romania had similarly resulted in planting delays, though an overall "satisfactory start to the year" was observed, with successful crop establishment noted in Poland.

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For Origin, Latin America emerged as the standout performer during the three-month period, with underlying volumes experiencing a notable increase of 54.7%.

The overall group revenues witnessed a decline of 25.7% in the first quarter compared to the corresponding period last year, amidst an ongoing downturn in feed and fertiliser raw material prices following the surge triggered by the Russian invasion of Ukraine in early 2022.

Sean Coyle, Chief Executive of Origin Enterprises, commented, "Overall, the first quarter delivered a solid start, with growth in underlying volumes despite delayed plantings and a later harvest in the northern hemisphere. The continued strong performance of our Latin American business, combined with the growing contribution from our Amenity, Environmental, and Ecology division, is helping to offset the impact of more challenging planting conditions in Europe."

Mr. Coyle also affirmed that the company would seek approval for a new €20 million share buyback scheme at its AGM on Monday, following a similar initiative conducted last year.