Origin Enterprises to acquire UK company Green-tech

Deal expected to offer the agri-services company potential in the area of environmental land management

Origin’s revenue in the six months ended January 31st, 2021, was €572.4m, down 5.4%, as the group saw a negative impact from foreign exchange rates

Agri-services business Origin Enterprises has announced the acquisition of Green-tech, a UK manufacturer and distributor of landscaping, forestry and grounds maintenance equipment.

Origin said Green-tech is expected to enhance the offering of its amenity businesses, and offers potential in the area of environmental land management and bio-diversity enhancement for the group’s agri-focused businesses.

Origin chief executive officer Sean Coyle said: “Green-tech is an excellent strategic fit for Origin and extends our amenity offering in the UK in a segment we expect will grow further in the coming years. We are delighted to welcome the Green-tech team to the Origin group.”

Origin saw its pretax loss shrink in the first half of its financial year as the company battled with the impact of Covid-19 and Brexit, according to results filed on Thursday.

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Revenue in the six months ended January 31st, 2021, was €572.4 million, down 5.4 per cent, as the group saw a negative impact from foreign exchange rates.

Operating profit was €1.2 million for the six months, from a loss of €2.8 million in the same period in 2020, and pretax loss was €2.54 million. That compared to a pretax loss of almost €7.2 million in the previous year. Adjusted diluted loss per share was 1.53 cent.

Origin said an increase in underlying operating profit of €5.7 million was driven by improved performance in Ireland and the UK, and was attributed to more normalised autumn and winter crop plantings.

Colin Gleeson

Colin Gleeson

Colin Gleeson is an Irish Times reporter