REG - Origin Enterprises - Final Results
Tue 07:00
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RNS Number : 3337A Origin Enterprises Plc 23 September 2025
Origin Enterprises plc
Preliminary Results Statement
Strong FY25 performance delivered adjusted EPS growth of 12.8%; Group
Operating profit up 10.1%
Dublin, London, 23 September 2025: Origin Enterprises plc ('Origin' or 'the
Group'), the international group shaping the future of sustainable agriculture
and land use, today announces its preliminary results for the financial year
ended 31 July 2025 ('FY25').
FY25 Highlights:
· Adjusted diluted EPS to 54.21c (FY24: 48.06c); up 12.8%, ahead of
guidance.
· Group operating profit(3) increased 10.1% to €99.0m, with strong
organic growth across both operating segments and our share of profit from our
associates and joint venture.
· Operating margin(6) improved to 4.3% (FY24: 4.1%), supported by a
recovery in Agriculture and growth of the higher margin Living Landscapes
business.
· Strategic acquisitions supported earnings diversification and growth,
with the addition of five specialist ecology consultancies and a leading
online distributor of garden and turf products.
· Exceptional gains of €2.1m (net of tax), mainly from property
revaluation and joint venture asset disposals, net of legacy intangible asset
write-downs.
· Robust balance sheet and strong cash generation and conversion to
support future growth.
o Year-end net debt of €70.8m (FY24: €71.7m) with Net Bank Debt/EBITDA at
0.58x (FY24: 0.66x).
o Strong cash generation of €60.8 million (FY24: €6.2 million); Free cash
conversion ratio of 117.9% (target: 80%).
· €19.7 million returned to shareholders via completion of our most
recent share buyback programme and €17.8 million in dividends.
· Proposed final dividend of 14.15c per share; total FY25 dividend
17.30c, an increase of 3% on the prior year, representing a payout ratio of
36.5%.
Origin's Chief Executive Officer, Sean Coyle, commented: "We delivered a very
strong performance in FY25 with growth across both our Agriculture and Living
Landscapes segments. Total Group Operating profit of €99.0m is up 10.1%,
with adjusted diluted EPS of 54.21c, up 12.8% year-on-year. Cash generation
was also strong, funding investment, acquisitions and shareholder returns,
while maintaining leverage below 1.0x EBITDA.
In Agriculture, operating profit increased 2.5% to €73.4m. Although weather
conditions in the key autumn planting timeframe were much improved on the
prior year, there were challenges later in the year across the regions,
including the driest spring in over 50 years in the UK. With grain and oilseed
prices weakening throughout the year, farmers were more selective in their
spending on inputs. With a strong focus on customers and our product offering,
the Agriculture business remained resilient delivering market share growth
over the prior year. We opened a new glasshouse trials facility during the
year at Throws Research Centre to fast-track trials and innovation on
biosolutions, and we remain on course to deliver our FY32 science-based
targets, embedding best practices within agricultural systems while scaling
nature-based solutions in Living Landscapes.
Strong growth in Ireland and the UK was supported by improved winter planting
areas and increased input demand for animal and soil nutrition. Continental
Europe was mixed, with good growth in Poland offset by a reduced contribution
from Romania, which was impacted by constrained farmer credit following two
years of drought conditions in the region. Underlying performance in our Latin
America business was in line with prior year, against a challenging market
environment, with reported performance impacted by lower valuation of the
Brazilian Real. Our Joint Venture feed business also delivered a very strong
year driven by sustained high demand for feed, supported by good output prices
for dairy, beef, poultry and eggs.
Living Landscapes now represents 18.4% of Group earnings and had another
impressive year, with operating profit up 39.1% to €16.6m. Growth was
delivered both through organic expansion, and further acquisitions which
broaden our product and service offering across our Sports, Landscapes and
Environmental businesses. The division continues to expand its presence in
higher-margin, faster growing markets, strengthening its role as a key pillar
of the company's future growth.
Origin maintains leading positions in the majority of our key markets, and,
with a robust balance sheet and outstanding teams, we are well-positioned to
execute our medium-term strategy and deliver sustained value for
shareholders."
Financial Summary
Constant
FY25 FY24 Change Currency
€'000 €'000 %
Group revenue 2,109,146 2,045,701 3.1% 2.7%
Operating profit(1) 89,946 83,516 7.7% 8.7%
Associates and joint venture(2) 9,048 6,421 40.9% 39.6%
Total group operating profit(3) 98,994 89,937 10.1% 10.9%
Finance expense, net (19,960) (18,566) 7.5% 6.5%
Profit before tax(1) 79,034 71,371 10.7% 12.1%
Taxation (18,445) (16,180) 14.0%
Adjusted net profit 60,589 55,191 9.8%
Basic EPS (cent) 49.59 36.73 35.0%
Adjusted diluted EPS (cent)(4) 54.21 48.06 12.8%
Return on capital employed (%) 12.0% 11.2% 80bps
Group net debt(5) (70,843) (71,686) 843
Operating margin(6) (%) 4.3% 4.1% 20bps
Free cash flow (€'000) 60,764 6,175 54,559
Dividend per ordinary share (cent) 17.30c 16.80c
Adjusted net profit reconciliation FY25 FY24
€'000 €'000
Reported net profit 52,753 40,428
Amortisation of non-ERP intangible assets 12,758 13,312
Tax on amortisation of non-ERP related intangible assets (2,815) (2,864)
Exceptional items (net of tax) (2,107) 4,315
Adjusted net profit 60,589 55,191
Group revenue
Group revenue increased by 3.1% to €2,109.1 million on a reported basis and
2.7% on a constant currency basis. Excluding crop marketing, revenue increased
4.8%, with volume growth of 4.3%, acquisitions contributing 1.0%, currency
0.3% and pricing -0.8%.
Operating profit(1)
Operating profit(1) increased by 7.7% to €90.0 million (FY24: €83.5
million). Agriculture delivered a 2.5% increase to €73.4 million, while
Living Landscapes grew 39.1% to €16.6 million, growing its contribution of
operating profit to 18.4% (FY24: 14.2%). Of this Living Landscapes growth,
circa. one-third was organic and two-thirds acquisition-led, with a marginal
currency benefit. Group operating margin improved by 20bps to 4.3% (FY24:
4.1%), reflecting the increasing contribution from the higher margin Living
Landscapes business.
Associates and joint venture(2)
Origin's share of the profit after tax from its associates and joint venture
was €9.0 million (FY24: €6.4 million), with strong performance driven by
sustained feed demand across Ireland, supported by firm output pricing in
dairy, beef, poultry, pork and eggs.
Finance costs and net bank debt(4)
Net debt(4) at 31 July 2025 was reduced by €0.9 million to €70.8 million
(FY24: Net debt(4) of €71.7 million). Strong cash generation during the year
financed net working capital outflow of €17.8 million, including previously
suspended fertiliser payments of €23.5 million, an acquisition spend of
€17.8 million, capital expenditure of €29.5 million and returns to
shareholders through share buy backs and dividends of €19.7 million.
Net finance costs amounted to €20.0million, which represents an increase of
€1.4 million on the prior year, primarily reflecting the impact of increased
average debt year-on-year.
On 31 January 2025, the Group agreed a new five-year €440 million
sustainability-linked revolving credit facility. The new facility represents
an increase of €40 million on the existing facility and extends the facility
to 31 January 2030. The facility also has two further extension options of one
year each, and a further €100 million uncommitted loan facility.
At year end the Group's key banking covenants were as follows:
Banking Covenant FY25 FY24
Net debt to EBITDA Maximum 3.5 0.58 0.66
EBITDA to net interest Minimum 3.0 7.21 6.51
Working capital
A working capital outflow of €17.8 million was primarily driven by the
payment of €23.5 million relating to supplier amounts which had been
previously suspended in accordance with international sanctions imposed by
authorities in response to the Russian invasion of Ukraine in 2022. A €5.7
million balance remains to be paid to entities connected to sanctioned
parties.
Adjusted diluted earnings per share ('EPS')(3)
Adjusted diluted EPS(3) of 54.21 cent per share (FY24: 48.06 cent),
represented an increase of 12.8% on a reported basis and 14.4% on a constant
currency basis.
Free cash flow
FY25 FY24
€'m €'m
Free cash flow ('FCF') 60.8 6.2
Free cash flow conversion ratio 117.9% 12.7%
The Group generated FCF in the year of €60.8 million (FY24: €6.2 million)
representing a FCF conversion of 117.9%, primarily driven by disciplined
working capital management, and stronger operating profit in FY25.
FCF is the total of earnings before interest, tax, depreciation (excluding
depreciation of IFRS 16 Right of Use leased assets), amortisation of non-ERP
related intangible assets and exceptional items of wholly owned businesses
('EBITDA') adjusted to take account of interest, tax, routine capital
expenditure, working capital cash flows and dividends received.
FCF conversion ratio is FCF as a percentage of profit after tax of wholly
owned businesses, excluding exceptional items and amortisation of non-ERP
related intangible assets.
Return on capital employed
FY25 FY24
Return on capital employed ('ROCE') 12.0% 11.2%
The Group delivered a ROCE of 12.0%, an increase of 80 bps versus FY24 and in
line with our target range of 12-15%. This performance was largely driven by
improved operating profit in FY25. ROCE is a key performance indicator for the
Group and represents Group earnings before interest, tax, and amortisation of
non-ERP related intangible assets from continuing operations ('EBITA') taken
as a percentage of the Group Net Assets. For the purposes of this calculation:
(i) EBITA includes the net profit contribution from associates and joint venture
(after interest and tax) and excludes the impact of exceptional and
non-recurring items; and
(ii) Group Net Assets means total assets less total liabilities as shown in the
annual report excluding net debt, derivative financial instruments, put option
liabilities, accumulated amortisation of non-ERP related intangible assets and
taxation related balances. Net Assets are also adjusted to reflect the average
level of acquisition investment spend and the average level of working capital
for the accounting period.
Exceptional items
Exceptional items net of tax amounted to income of €2.1 million in the year
(FY24: charge of €4.3 million).
FY25 FY24
€'m €'m
Acquisition related items (2.9) 2.0
Ukraine related costs (1.1) (4.5)
Redundancy and restructuring costs (0.6) (3.5)
Fair value uplift of investment properties 5.7 -
Write down of intangible assets (6.5) -
Arising in associates and joint venture 7.5 1.7
Total exceptional items, net of tax 2.1 (4.3)
Acquisition related items in FY24 include adjustments to the fair value of
contingent consideration. Operations in Ukraine were closed in FY24, costs in
respect of FY25 relate primarily to costs associated with sanction payments.
Redundancy and restructuring costs were largely driven by restructuring within
Agrii UK to position the business for future growth. Fair value adjustment
relates to the increase in the value of investment properties following
external valuations completed in the year. Write down of intangible assets
relates to the brand IP connected with legacy UK acquisitions which following
review in the year were adjusted to recoverable value. Associates and joint
venture income relate primarily to the gain on disposal of property.
Dividends
The Directors propose a final dividend of 14.15 cent per ordinary share for
approval at the AGM on 20 November 2025, bringing the total dividend payment
for FY25 to 17.30 cent. Subject to shareholder approval at the AGM, the final
dividend will be paid on 6 February 2026 to shareholders on the register on 16
January 2026.
Board changes
We are delighted to have further strengthened our Board in FY25, with the
addition of two new Non-Executive Directors. Dick Hordijk joined the Board
effective 16 October 2024, and Jenny Davis-Peccoud joined the Board on 22
November 2024, each bringing extensive sector experience to Origin.
Christopher Richards is currently serving his final term and will retire from
the Board 1 October 2025. After almost ten years as a Non-Executive Director,
including three years as Group Chairman, Gary Britton has informed the Board
of his intention to retire from his role as Group Chairman and step down from
the Board of Origin in advance of the 2026 AGM. The process to appoint a
suitable successor, led by the Nominations Committee, is in process under the
leadership of the Senior Independent Director.
Innovation and Sustainability
In FY25, Origin expanded its environmental services within Living Landscapes,
further strengthening its role in biodiversity and nature-based solutions. The
Group continued to advance its carbon reduction agenda in line with validated
SBTi commitments, supported by investment in data quality and digital
platforms to measure and manage emissions. Innovation was accelerated through
the opening of a new glasshouse trials facility at Throws Research Centre to
fast-track biosolutions.
Corporate development
During the year, Origin invested €17.8m in the completion of six
acquisitions, further expanding the scale and capability of the Living
Landscapes segment. In Environmental, the acquisitions of Avian Ecology,
Bowland Ecology, Brooks Ecological, GE Consulting and Scott Cawley created one
of the UK and Ireland's largest ecological advisory platforms, with 175
ecologists and a combined team of 240 employees providing end-to-end
capability from baseline surveys to habitat creation and long-term monitoring.
The addition of Elixir Garden Supplies, a leading online distributor of garden
and turf products in the UK, broadened the division's reach into consumer
markets alongside its strong professional offering.
Collectively, these acquisitions enhance the technical depth of our offering,
extend our geographic coverage, and reinforce Living Landscapes' position as a
leading UK provider of integrated, nature-based solutions - directly
supporting the Group's ambition to diversify its earnings base and increase
the profit contribution from structurally higher-margin businesses.
Investor relations
Origin's strategy is to create long-term shareholder value, supported by
regular and transparent communication with capital market participants.
Engagement with institutional investors is led by the executive management
team, including the Chief Executive Officer, Chief Financial Officer, the
Managing Director of Living Landscapes, and the Head of Investor Relations. In
FY25, the Group engaged with 147 institutional investors through in-person and
virtual conferences, roadshows and dedicated meetings, ensuring broad access
to management across the shareholder, and prospective shareholder, base.
Annual General Meeting (AGM)
The AGM is scheduled to be held on 20 November 2025 at 11.00am (UK/Ireland
time) in the InterContinental Dublin, Simmonscourt Road, Dublin 4, Ireland.
(1) Before amortisation of non-ERP intangible assets and exceptional items
(2) Profit after interest and tax before exceptional items
(3) Before amortisation of non-ERP intangible assets and exceptional items and
excluding the contribution from associates and joint venture
(4) Before amortisation of non-ERP intangible assets, net of related deferred tax
(2025: €9.9m, 2024: €10.4m) and exceptional items, net of tax (2025: gain
€2.1m, 2024: loss €4.3m)
(5) Group net debt before impact of IFRS 16 Leases
(6) Operating margin represents operating profit as a percentage of Group Revenue
Cautionary statement
This Preliminary Results Statement contains forward looking statements. These
statements have been made by the Directors in good faith based on the
information available to them up to the time of the preparation of this
document. Due to the inherent uncertainties, including both economic and
business risk factors underlying such forward-looking information, actual
results may differ materially from those expressed or implied by these
forward-looking statements.
The Directors undertake no obligation to update any forward-looking statements
contained in this document, whether as a result of new information, future
events or otherwise.
Conference Call and Webcast details:
The management team will host a live conference call and webcast, for analysts
and institutional investors today, 23 September 2025, at 08:30 (Irish/UK
time). Registration details for the Conference Call and Webcast can be
accessed at: www.originenterprises.com (http://www.originenterprises.com)
Alternatively, please contact FTI Consulting by email at
originenterprises@fticonsulting.com
(mailto:originenterprises@fticonsulting.com)
Participants are requested to dial in 5 to 10 minutes prior to the scheduled
start time.
Enquiries:
Origin Enterprises plc
Colm Purcell
Chief Financial Officer Tel: +353 (0)1 563 4900
Brendan Corcoran
Head of Investor Relations Tel: +353 (0)1 563 4900
Goodbody (Euronext Growth (Dublin) Adviser)
Jason Molins Tel: +353 (0)1 641 9278
Davy (Nominated Adviser)
Anthony Farrell Tel: +353 (0)1 614 9993
Berenberg (Corporate Broker)
Clayton Bush Tel: +44 (0)20 3207 7800
FTI Consulting (Communications Advisers)
Jonathan Neilan / Patrick Berkery Tel: +353 (86) 602 5988
About Origin Enterprises plc
Origin Enterprises plc champions sustainable land use through technically-led
solutions, empowering our customers to enrich their land so it can achieve its
true potential. The Group has leading market positions in Ireland, the United
Kingdom, Brazil, Poland and Romania, and is listed on the Euronext Growth
Dublin market and the AIM market of the London Stock Exchange.
Euronext Growth (Dublin) ticker symbol: OIZ
AIM ticker
symbol:
OGN
Website:
www.originenterprises.com (http://www.originenterprises.com)
Divisional Review
Group Overview
FY25 FY25 FY25 FY24 FY24 FY24
Revenue Operating profit(1) Operating margin Revenue Operating profit Operating margin
€'m % €'m %
€'m €'m
Agriculture:
Ireland and the UK 1,231.1 43.8 3.6% 1,208.6 39.0 3.2%
Continental Europe 563.1 16.6 3.0% 557.7 17.5 3.1%
Latin America 128.5 13.0 10.1% 130.1 15.1 11.6%
Total 1,922.7 73.4 3.8% 1,896.4 71.6 3.8%
Living Landscapes 186.4 16.6 8.9% 149.3 11.9 8.0%
Group 2,109.1 90.0 4.3% 2,045.7 83.5 4.1%
(1) Before amortisation of non-ERP intangible assets and exceptional items
( )
Agriculture
Agriculture revenue and operating profit increased by 1.4% and 2.5%
respectively in FY25, with growth in Ireland and the UK more than offsetting
lower contributions from Continental Europe and Latin America.
Ireland and the UK
Change on the prior year(4)
Constant Currency(3)
FY25 FY24 Change %
€'m €'m %
Revenue 1,231.1 1,208.6 1.9% 0.3%
Operating profit(1) 43.8 39.0 12.5% 10.5%
Operating margin(1) 3.6% 3.2% 40bps 40bps
Associates and joint venture(2) 9.0 6.4 40.9% 39.6%
(1) Before amortisation of non-ERP intangible assets and exceptional items
(2) Profit after interest and tax before exceptional items
(3) Excluding currency movements
(4) Percentage variances are based on actual unrounded numbers
Operating profit increased 12.5% to €43.8 million, with margin up 40 bps to
3.6% (from 3.2%). The increase in operating profit was driven by both the
recovery in winter planting area following the weather-impacted prior year,
and strong momentum in Soil Nutrition and Animal Nutrition. Revenue increased
by 1.9% to €1,231.1 million reflecting underlying volume growth of 2.2%,
which was partially offset by a pricing headwind of (-1.8%) and currency 1.5%.
Sustainable Agronomy
Improved autumn conditions supported a recovery in UK winter cropping versus
the prior year, with the area of winter wheat up 24% year-on-year to 1.67
million hectares. Total plantings were broadly stable at c.4.0 million
hectares, with an improved mix of winter versus spring cropping. Despite the
impact of the driest spring in five decades on crop development, and the
resulting early harvest with variable yields, agronomy activity levels
recovered compared with the prior year. Our agronomists helped growers manage
input spend carefully, favouring targeted programmes which was necessary as
grain and oilseed prices weakened through the year.
Soil Nutrition
Fertiliser demand was strong in FY25, led by Ireland where robust dairy and
beef prices supported sustained applications across grassland. In the UK, a
larger winter cropping area supported demand, while effective stock management
and a well-positioned order book ensured availability at the right times.
Overall, volumes increased year-on-year, with average pricing broadly stable
versus FY24.
Animal Nutrition
Significant feed demand in FY25, compared to a strong prior year, was
supported by firm dairy, beef, poultry, pork and egg prices.
The Group's 50% associate, John Thompson & Sons Limited, also reported a
strong performance, reflecting consistent feed demand across its core markets.
Continental Europe
Change on prior year(3)
Constant Currency(2)
FY25 FY24 Change %
€'m €'m %
Revenue 563.1 557.7 1.0% (0.2%)
Revenue (excl. crop marketing) 409.2 378.2 8.2% 7.4%
Operating profit(1) 16.6 17.5 (5.4%) (6.5%)
Operating profit(1) (excl. crop marketing) 16.0 16.5 (3.5%) (4.5%)
Operating margin(1) 3.0% 3.1% (20bps) (20bps)
Operating margin(1) (excl. crop marketing) 3.9% 4.4% (50bps) (50bps)
(1) Before amortisation of non-ERP intangible assets and exceptional items
(2) Excluding currency movements
(3) Percentage variances are based on actual unrounded numbers
Continental Europe ('CE') delivered a solid performance in FY25, with
operating profit of €16.0 million (excluding crop marketing), a decrease of
3.5% on FY24, with margin decreasing by 50bps to 3.9%. The reduction was
largely driven by weaker farm liquidity and an adverse product mix in Romania,
where grower investment remained cautious after several challenging
drought-impacted seasons. This was partly offset by a strong performance in
Poland, supported by stable cropping conditions and continued demand for
higher-value inputs.
Overall revenue, excluding crop marketing, increased by 8.2% in the year,
driven by a 7.9% increase in volumes.
Poland
Poland delivered a strong performance in FY25, supported by a stable cropping
area of approximately 9.0 million hectares and broadly favourable weather
conditions. Timely establishment of winter crops provided a solid foundation
for yields, which tracked at, or above, average in most regions.
Demand for agronomy services was ahead of the prior year, reinforcing the
positive contribution to divisional performance. Farm margins remained
comparatively resilient, underpinned by more stable pricing conditions and a
balanced supply-demand environment relative to neighbouring markets. This
supported continued investment in crop protection and nutrition, with demand
weighted toward higher-value input programmes and services.
Romania
Romania delivered a solid performance in FY25, though profitability remained
constrained by prolonged pressure on farm balance sheets. Planting areas were
broadly unchanged year-on-year at c.8.9 million hectares, however growers
adopted more cautious cropping strategies, favouring winter crops such as
barley and rapeseed for resilience over spring planted maize.
Overall volumes increased by 6.6% on the prior year, supported by a stronger
production base, however, farm investment remained focused on cost-efficient
inputs. This shift in product mix diluted margins.
Latin America
Change on prior year(3)
Change Constant Currency(2)
FY25 FY24 % %
€'m €'m
Revenue 128.5 130.1 (1.2%) 13.2%
Operating profit(1) 13.0 15.1 (14.2%) 0.1%
Operating margin(1) 10.1% 11.6% (150bps) (135bps)
(1) Before amortisation of non-ERP intangible assets and exceptional items
(2) Excluding currency movements
(3) Percentage variances are based on actual unrounded numbers
Latin America delivered a solid performance in FY25, with operating profit of
€13.0 million compared with €15.1 million in FY24. The year-on-year
reduction was primarily attributable to a €2.2 million adverse currency
translation impact from the devaluation of the Brazilian Real. Excluding this,
profitability was broadly in line with the prior year, representing strong
delivery against a challenging market backdrop.
Revenue of €128.5 million declined by 1.2% on a reported basis but increased
by 13.2% at constant currency, with underlying volumes up 11.6%. Growth was
broad-based across product categories, led by the Physiology & Nutrition
portfolio and Controlled-Release Fertilisers ('CRF'). F1rst AgBiotech also
contributed, with volumes doubling year-on-year as its early-stage portfolio
gained further traction.
Performance was delivered against challenges in the Agricultural retail
channel and at farm level, where several Brazilian distributors have entered
judicial reorganisation in recent years due to legacy stock imbalances and
tighter credit conditions. These dynamics and competitive market pricing
contributed to a reduction in operating margin. Established customer
relationships, a disciplined credit approach and a diversified portfolio
supported further consistent volume growth and market share gains.
Living Landscapes
Change on prior year(3)
Constant Currency(2)
FY25 FY24 Change %
€'m €'m %
Revenue 186.4 149.3 24.8% 22.8%
Operating profit(1) 16.6 11.9 39.1% 36.3%
Operating margin(1) 8.9% 8.0% 90bps 90bps
(1) Before amortisation of non-ERP intangible assets and exceptional items
(2) Excluding currency movements
(3) Percentage variances are based on actual unrounded numbers
Living Landscapes delivered another year of strong progress in FY25,
contributing 18.4% of Group operating profit at €16.6 million, compared with
14.2% in FY24. The increase in operating profit reflected both organic growth
in the segment (circa. one-third) and earnings from recent acquisitions
(circa. two thirds), with a marginal currency benefit. Operating margin
improved by 90bps to 8.9%.
Revenue increased 24.8% to €186.4 million, with acquisitions contributing
12.4% and organic growth of 10.4%. During the year, in addition to our ongoing
focus on integration and synergy realisation, the division further
strengthened its organisational structure, appointing Managing Directors for
Sports and Landscapes, further enhancing leadership capability alongside the
existing Managing Director for Environmental.
Sports
Our Sports sector delivered solid growth, supported by favourable trading
conditions that extended application windows and sustained demand from
investment in both professional and grassroots facilities. The addition of
Elixir Garden Supplies in May, a leading online distributor, further extended
the sector's reach across both professional and consumer markets.
Landscapes
Our Landscapes sector continued to benefit from structural investment in urban
greening, afforestation and infrastructure projects. The portfolio was
strengthened by the full year contributions of Groundtrax, the UK's leading
provider of ground protection and reinforcement systems, and Suregreen, a
supplier of forestry, tree protection and landscaping products with in-house
manufacturing and national delivery capacity in the UK.
Environmental
Our Environmental sector delivered strong earnings momentum, broadening its
geographic reach and technical expertise to meet increasing demand for
ecological surveys, biodiversity net gain (BNG) and environmental planning
services. With 175 ecologists and a total team of 240 employees, the sector
now operates one of the UK and Ireland's largest dedicated ecological
platforms. Acquisitions including Avian Ecology, Bowland Ecology, Brooks
Ecological, GE Consulting and Scott Cawley have created an end-to-end
capability spanning baseline assessment to habitat creation and long-term
monitoring.
ENDS
Origin Enterprises plc
Consolidated Income Statement
For the financial year ended 31 July 2025
Pre- Pre-
exceptional Exceptional Total exceptional Exceptional Total
2025 2025 2025 2024 2024 2024
€'000 €'000 €'000 €'000 €'000 €'000
Notes (Note 3) (Note 3)
Revenue 2 2,109,146 - 2,109,146 2,045,701 - 2,045,701
Cost of sales (1,750,806) - (1,750,806) (1,701,665) - (1,701,665)
Gross profit 358,340 - 358,340 344,036 - 344,036
Operating costs (281,152) (7,089) (288,241) (273,832) (7,318) (281,150)
Share of profit of associates and joint venture 9,048 7,493 16,541
6,421 1,653 8,074
Operating profit 86,236 404 86,640 76,625 (5,665) 70,960
Finance income 4,991 - 4,991 3,386 - 3,386
Finance expense (24,951) - (24,951) (21,952) - (21,952)
Profit before income tax 66,276 404 66,680
58,059 (5,665) 52,394
Income tax (expense)/credit (15,630) 1,703 (13,927)
(13,316) 1,350 (11,966)
50,646 2,107 52,753
Profit for the year 44,743 (4,315) 40,428
Earnings per share for the year 2025 2024
Basic earnings per share 4 49.59c 36.73c
Diluted earnings per share 4 47.20c 35.21c
Origin Enterprises plc
Consolidated Statement of Comprehensive Income
For the financial year ended 31 July 2025
2025 2024
€'000 €'000
Profit for the year 52,753 40,428
Other comprehensive (expense) / income
Items that will not be reclassified subsequently to the Consolidated Income
Statement:
Group/Associate defined benefit pension obligations
-remeasurements on Group's defined benefit pension schemes (18) 3,154
-deferred tax effect of remeasurements (36) (836)
-share of remeasurements on associate's defined benefit pension schemes (290) (79)
-share of deferred tax effect of remeasurements - associates 72 20
Items that may be reclassified subsequently to the Consolidated Income
Statement:
Group foreign exchange translation details
-exchange difference on translation of foreign operations (13,430) (12,089)
Group/Associate cash flow hedges
-effective portion of changes in fair value of cash flow hedges (4,426) (3,068)
-fair value of cash flow hedges transferred to operating costs and other 2,447 (414)
income
-deferred tax effect of cash flow hedges 19 250
-share of associates and joint venture cash flow hedges (742) 295
-deferred tax effect of share of associates and joint venture cash flow hedges 93 (37)
Other comprehensive expense for the year, net of tax (16,311) (12,804)
Total comprehensive income for the year attributable to equity shareholders 36,442 27,624
Origin Enterprises plc
Consolidated Statement of Financial Position
As at 31 July 2025
2025 2024
Notes €'000 €'000
ASSETS
Non-current assets
Property, plant and equipment 5 134,499 132,665
Right-of-use-asset 68,020 59,834
Investment properties 8,500 2,270
Goodwill and intangible assets 6 318,638 308,852
Investments in associates and joint venture 7 47,312 44,484
Other financial assets 892 913
Post employment benefit scheme surplus 9 6,805 6,715
Derivative financial instruments 314 2,760
Deferred tax assets 6,203 6,866
Total non-current assets 591,183 565,359
Current assets
Assets classified as held for sale 5,800 5,800
Inventory 228,854 228,132
Trade and other receivables 469,450 477,851
Derivative financial instruments 2,109 634
Cash and cash equivalents 11 169,778 124,540
Total current assets 875,991 836,957
TOTAL ASSETS 1,467,174 1,402,316
Origin Enterprises plc
Consolidated Statement of Financial Position (continued)
As at 31 July 2025
2025 2024
Notes €'000 €'000
EQUITY
Called up share capital presented as equity 12 1,197 1,253
Share premium 160,526 160,526
Retained earnings and other reserves 262,531 243,151
TOTAL EQUITY 424,254 404,930
LIABILITIES
Non-current liabilities
Interest bearing loans and borrowings 11 240,551 196,225
Lease liabilities 56,040 47,184
Deferred tax liabilities 22,961 21,732
Provisions for liabilities 8 10,767 9,419
Put option liability 4,522 -
Derivative financial instruments 817 538
Total non-current liabilities 335,658 275,098
Current liabilities
Interest bearing loans and borrowings 11 70 1
Lease liabilities 12,257 14,348
Trade and other payables 674,702 693,992
Corporation tax payable 10,323 6,538
Put option liability 416 -
Provisions for liabilities 8 9,282 6,455
Derivative financial instruments 212 954
Total current liabilities 707,262 722,288
TOTAL LIABILITIES 1,042,920 997,386
TOTAL EQUITY AND LIABILITIES 1,467,174 1,402,316
Origin Enterprises plc
Consolidated Statement of Changes in Equity
For the financial year ended 31 July 2025
Share- Foreign
Capital Cash flow based currency
Share Share Treasury redemption hedge Revaluation payment Re-organisation translation Retained
capital Premium shares reserve reserve reserve reserve reserve reserve earnings Total
€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000
At 1 August 2024 1,253 160,526 (67,569) 145 (105) 12,843 7,602 (196,884) (57,417) 544,536 404,930
Profit for the year - - - - - - - - - 52,753 52,753
Other comprehensive expense for the year - - - - (2,609) - - - (13,430) (272) (16,311)
Total comprehensive (expense) / income for the year - - - - (2,609) - - - (13,430) 52,481 36,442
Share-based payment charge - - - - - - 2,564 - - - 2,564
Share buy-back - - (1,850) - - - - - - - (1,850)
Cancellation of treasury shares (56) - 20,128 56 - - - - - (20,128) -
Re-issue of treasury shares - - 2,325 - - - - - (2,325) -
Dividend paid to shareholders - - - - - - - - - (17,832) (17,832)
Transfer of share-based payment reserve - - - - - - (1,696) - - 1,696 -
to retained earnings
At 31 July 2025 1,197 160,526 (46,966) 201 (2,714) 12,843 8,470 (196,884) (70,847) 558,428 424,254
Origin Enterprises plc
Consolidated Statement of Cash Flows
For the financial year ended 31 July 2025
2025 2024
€'000 €'000
Cash flows from operating activities
Profit before tax 66,680 52,394
Exceptional items (404) 5,665
Finance income (4,991) (3,386)
Finance expense 24,951 21,952
Profit on disposal of property, plant and equipment (856) (79)
Share of profit of associates and joint venture (9,048) (6,421)
Depreciation of property, plant and equipment 10,624 8,822
Depreciation of right of use assets 16,316 14,320
Amortisation of intangible assets 16,133 15,002
Employee share-based payment charge 2,564 2,439
Pension contributions in excess of service costs and administration costs 115 (803)
Settlement of non-trade related item - (7,205)
Payment of exceptional Ukraine related costs (1,261) (4,043)
Payment of exceptional acquisition and disposal related costs (3,096) (4,669)
Operating cash flow before changes in working capital 117,727 93,988
Movement in inventory (3,680) 3,809
Movement in trade and other receivables 2,766 (40,449)
Movement in trade and other payables (16,861) (26,249)
Cash generated from operating activities 99,952 31,099
Interest paid (15,985) (14,466)
Income tax paid (11,946) (16,064)
Cash inflow from operating activities 72,021 569
Origin Enterprises plc
Consolidated Statement of Cash Flows (continued)
For the financial year ended 31 July 2025
2025 2024
€'000 €'000
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 2,802 924
Purchase of property, plant and equipment (16,148) (23,542)
Purchase of intangible assets (13,349) (19,831)
Consideration relating to acquisitions (net of cash acquired) (15,666) (5,302)
Payment of contingent acquisition consideration (1,712) (8,084)
Investment in associates (386) -
Payment of put option liability - (30,912)
Dividends received from associates 12,642 16,596
Cash outflow from investing activities (31,817) (70,151)
Cash flows from financing activities
Drawdown of bank loans 232,485 423,226
Repayment of bank loans (186,647) (325,966)
Lease liability payments (18,041) (15,955)
Share buy-back (1,850) (18,150)
Proceeds from re-issue of treasury shares - 1,608
Payment of dividends to equity shareholders (17,832) (18,540)
Cash inflow from financing activities 8,115 46,223
Net decrease in cash and cash equivalents 48,319 (23,359)
Translation adjustment (3,150) (2,241)
Cash and cash equivalents at start of year 124,539 150,139
Cash and cash equivalents at end of year (Note 11) 169,708 124,539
Origin Enterprises plc
Notes to the preliminary results statement
For the financial year ended 31 July 2025
1 Basis of preparation
The financial information included on pages 11 to 30 of this preliminary
results statement has been extracted from the Group financial statements for
the year ended 31 July 2025 on which the auditor has issued an unqualified
audit opinion.
The financial information has been prepared in accordance with the accounting
policies set out in the Group's consolidated financial statements for the year
ended 31 July 2025, which were prepared in accordance with International
Financial Reporting Standards as adopted by the EU.
The consolidated financial information is presented in Euro, rounded to the
nearest thousand, which is the functional currency of the parent.
2 Segment information
IFRS 8, 'Operating Segments', requires operating segments to be identified on
the basis of internal reports that are regularly reviewed by the Chief
Operating Decision Maker ('CODM') in order to allocate resources to the
segments and to assess their performance.
The Group performed a review of operating segments during the prior year.
Given the recent acquisitions in the Ecology and Environmental sector and the
Group's strategic objective to expand further into this sector, the Group has
determined there are two operating segments as follows:
Agriculture
This segment includes the Group's wholly owned Business-to-Business
Agri-Inputs operations, Integrated Agronomy and On-Farm Services operations in
Ireland, the United Kingdom, Poland, Romania, and Brazil. In addition, this
segment includes the Group's associate and joint venture undertakings.
Living Landscapes
This segment includes the Group's wholly owned Amenity, Environmental and
Ecology operations, providing a range of consultancy, inputs and technical
solutions in sports turf management, landscaping, and environmental
conservation.
Information regarding the results of each reportable segment is included
below. Performance is measured based on segment operating profit as included
in the internal management reports that are reviewed by the Group's CODM,
being the Origin Executive Directors. Segment operating profit is used to
measure performance, as this information is the most relevant in evaluating
the results of the Group's segments.
Segment results, assets and liabilities include all items directly
attributable to a segment.
Segment capital expenditure is the total amount incurred during the period to
acquire segment assets that are expected to be used for more than one
accounting period.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
2 Segment information (continued)
(i) Segment revenue and results
Agriculture Living Landscapes Total Group
2025 2024 2025 2024 2025 2024
€'000 €'000 €'000 €'000 €'000 €'000
Revenue
Ireland & UK 1,231,103 1,208,575 186,378 149,288 1,417,481 1,357,863
Continental Europe 563,120 557,742 - - 563,120 557,742
Latin America 128,545 130,096 - - 128,545 130,096
Total 1,922,768 1,896,413 186,378 149,288 2,109,146 2,045,701
Segment Result
Ireland & UK 43,830 38,957 16,554 11,898 60,384 50,855
Continental Europe 16,573 17,523 - - 16,573 17,523
Latin America 12,989 15,138 - - 12,989 15,138
Total 73,392 71,618 16,554 11,898 89,946 83,516
Profit from associate & joint venture 9,048 6,421 - - 9,048 6,421
Amortisation of non-ERP intangible assets (9,392) (10,603) (3,366) (2,709) (12,758) (13,312)
Operating profit before exceptional items 73,048 67,436 13,188 9,189 86,236 76,625
Exceptional items 3,329 (7,528) (2,925) 1,863 404 (5,665)
Operating profit 76,377 59,908 10,263 11,052 86,640 70,960
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
2 Segment information (continued)
(ii) Segment earnings before financing costs and tax is reconciled to reported
profit before tax and profit after tax as follows:
2025 2024
€'000 €'000
Operating profit 86,640 70,960
Finance income 4,991 3,386
Finance expense (24,951) (21,952)
Reported profit before tax 66,680 52,394
Income tax (13,927) (11,966)
Reported profit after tax 52,753 40,428
3 Exceptional items
Exceptional items are those that, in management's judgement, should be
separately presented and disclosed by virtue of their nature or amount. Such
items are included within the Consolidated Income Statement caption to which
they relate. The following exceptional items arose during the year:
2025 2024
€'000 €'000
Fair value adjustment of investment properties (i) (6,230) -
Write-down of intangible assets (ii) 8,556 -
Ukraine-related costs (iii) 1,251 4,755
Acquisition, disposal and other related costs / (credit) (iv) 2,925 (1,951)
Redundancy & restructuring costs (v) 587 4,514
Exceptional costs before tax and before associates and joint venture 7,089 7,318
Tax credit on exceptional items (1,703) (1,350)
5,386 5,968
Exceptional costs before associates and joint venture
Arising in associates and joint venture, net of tax (vi) (7,493) (1,653)
Total exceptional (credit) / costs after tax (2,107) 4,315
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
3 Exceptional items (continued)
(i) Fair value adjustment of investment properties
During the financial year, the Directors commissioned an independent
valuations expert to conduct a valuation of the Group's investment properties.
Following this assessment, an uplift of €6.2 million was reflected. The tax
impact of this exceptional item in the year was a tax charge of €0.5
million.
(ii) Write-down of intangible assets
Following a strategic review during the financial year, intangible assets
related to legacy acquisitions within the Agriculture segment were written
down by €8.6 million. The tax impact of this exceptional item in the year
was a tax credit of €2.0 million.
(iii) Ukraine-related costs
Ukraine-related costs comprise of costs associated with international
sanctions imposed by authorities in response to the Russian invasion of
Ukraine. The tax impact of this exceptional item in the year was a tax credit
of €0.2 million. In the prior year, this exceptional item had also included
costs attributable to termination payments from restructuring programmes in
Ukraine.
(iv) Acquisition, disposal and other related costs / (credit)
Acquisition and other related costs principally comprised of transaction costs
incurred in relation to the acquisitions completed during the current year. In
the prior year, this exceptional item had included a credit for the release of
deferred consideration no longer payable.
(v) Redundancy & restructuring costs
Redundancy & restructuring costs relate to termination payments from
restructuring during the year.
(vi) Arising in associates and joint venture
During the financial year, R&H Hall Limited disposed of a property. A
credit of €8.3 million, net of tax, represents the gain on disposal. Also
included is a redundancy charge of €0.8 million.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
4 Earnings per share
Basic earnings per share
2025 2024
€'000 €'000
Profit for the year attributable to equity shareholders 52,753 40,428
'000 '000
Weighted average number of ordinary shares for the year 106,371 110,068
Cent Cent
Basic earnings per share 49.59 36.73
Diluted earnings per share
2025 2024
€'000 €'000
Profit for the year attributable to equity shareholders 52,753 40,428
'000 '000
Weighted average number of ordinary shares used in basic 106,371 110,068
calculation
Impact of shares with a dilutive effect 4,507 3,927
Impact of the SAYE scheme with a dilutive effect 885 832
Weighted average number of ordinary shares (diluted) for the 111,763 114,827
year
Cent Cent
Diluted earnings per share 47.20 35.21
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
4 Earnings per share (continued)
2025 2024
'000 '000
Adjusted basic earnings per share
Weighted average number of ordinary shares for the year 106,371 110,068
2025 2024
€'000 €'000
Profit for the year 52,753 40,428
Adjustments:
Amortisation of non-ERP related intangible assets (Note 6) 12,758 13,312
Tax on amortisation of non-ERP related intangible assets (2,815) (2,864)
Exceptional items, net of tax (2,107) 4,315
Adjusted profit for the year 60,589 55,191
Cent Cent
Adjusted basic earnings per share 56.96 50.14
Adjusted diluted earnings per share
2025 2024
'000 '000
Weighted average number of ordinary shares used in basic 106,371 110,068
calculation
Impact of shares with a dilutive effect 4,507 3,927
Impact of the SAYE scheme with a dilutive effect 885 832
Weighted average number of ordinary shares (diluted) for the 111,763 114,827
year
2025 2024
€'000 €'000
Adjusted profit for the year (as above) 60,589 55,191
Cent Cent
Adjusted diluted earnings per share 54.21 48.06
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
5 Property, plant and equipment
2025 2024
€'000 €'000
At 1 August 132,665 118,107
Arising on acquisition (Note 10) 563 799
Additions 15,927 23,519
Disposals (1,946) (812)
Depreciation charge for the year (10,624) (8,822)
Translation adjustments (2,086) (126)
At 31 July 134,499 132,665
6 Goodwill and intangible assets
2025 2024
€'000 €'000
At 1 August 308,852 299,906
Arising on acquisition (Note 10) 28,121 7,165
Additions 13,349 19,835
Disposals / retirements (20) (20)
Write-off of intangible assets (8,556) -
Amortisation of non-ERP intangible assets (12,758) (13,312)
ERP intangible amortisation (3,375) (1,690)
Translation adjustments (6,975) (3,032)
At 31 July 318,638 308,852
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
7 Investments in associates and joint venture
2025 2024
€'000 €'000
At 1 August 44,484 52,387
Share of profits after tax, before exceptional items 9,048 6,421
Share of exceptional items, net of tax (Note 3) 7,493 1,653
Dividends received (12,642) (16,596)
Investment in associate 386 -
Share of other comprehensive (expense) / income (867) 199
Translation adjustments (590) 420
At 31 July 47,312 44,484
Split as follows:
Total associates 25,058 25,359
Total joint venture 22,254 19,125
47,312 44,484
8 Provisions for liabilities
The estimate of provisions is a key judgement in the preparation of
the financial statements.
2025 2024
€'000 €'000
At 1 August 15,874 23,318
Arising on acquisition (Note 10) 6,562 2,001
Provided in year 2,870 2,458
Paid / utilised in year (4,132) (9,385)
Released in the year (702) (2,703)
Translation adjustments (423) 185
At 31 July 20,049 15,874
Split as follows:
Current liabilities 9,282 6,455
Non-current liabilities 10,767 9,419
20,049 15,874
Provisions primarily relate to contingent acquisition consideration arising on
a number of acquisitions completed during the current and prior years.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
9 Post-employment benefit obligations
The Group operates a number of defined benefit pension schemes and defined
contribution schemes with assets held in separate trustee administered funds.
All of the defined benefit schemes are closed to new members.
The valuations of the defined benefit schemes used for the purposes of the
following disclosures are those of the most recent actuarial valuations
carried out at 31 July 2025 by an independent, qualified actuary. The
valuations have been performed using the projected unit method.
Movement in net asset recognised in the Consolidated Statement of Financial
Position
2025 2024
€'000 €'000
At 1 August 6,715 2,579
Current service cost (113) (150)
Administrative expenses paid from plan assets (135) (246)
Employer contributions 133 1,199
Other finance income 309 124
Remeasurements (18) 3,154
Translation adjustments (86) 55
( )
At 31 July 6,805 6,715
10 Acquisition of subsidiary undertakings
On 30 August 2024, the Group acquired 100% of the share capital of Bowland
Ecology Limited, specialising in terrestrial and freshwater ecology,
delivering a full range of ecological technical solutions.
On 2 September 2024, the Group acquired 100% of the share capital of Avian
Ecology Limited, a company providing a broad range of services, particularly
specialising in the areas of ornithology and renewable energy issues.
On 25 October 2024, the Group acquired 100% of the share capital of Brooks
Ecological Limited, a company providing expertise in ecology and biodiversity
alongside additional specialisms in arboriculture and landscape architecture.
On 25 October 2024, the Group acquired 100% of the share capital of GE
Consulting Services (UK) Limited, a company providing ecological and
arboricultural consulting services and practical land management solutions.
On 1 April 2025, the Group acquired Scott Cawley Limited, a company that
provides ecological survey and impact assessment services to the planning and
development sectors in Ireland.
On 9 May 2025, the Group acquired 100% of the share capital of Elixir Garden
Supplies Limited, a UK-based industry leader in online gardening supplies with
extensive expertise in fertilisers, feeds and garden care.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
10 Acquisition of subsidiary undertakings - continued
Fair
value
€'000
Assets
Non-current
Property, plant & equipment 563
Intangible assets 11,795
Total non-current assets 12,358
Current assets
Inventory 1,863
Trade and other receivables (i) 4,468
Cash and cash equivalents 10,143
Total current assets 16,474
Liabilities
Trade and other payables (3,890)
Corporation tax (1,418)
Deferred tax liability (2,541)
Total liabilities (7,849)
Total identifiable net assets at fair value 20,983
Goodwill arising on acquisition 16,326
Total net assets acquired 37,309
Consideration satisfied by:
Cash consideration 25,809
Put option arising from acquisition 4,938
Contingent consideration arising from acquisition 6,562
Total consideration related to acquisitions 37,309
Net cash outflow - arising on acquisitions
Cash consideration 25,809
Less cash and cash equivalents acquired (10,143)
Total consideration related to acquisitions 15,666
Details of the net assets acquired and goodwill arising from the
business combinations are as follows:
(i) Trade Receivables acquired were €4.5 million. All amounts deemed
recoverable.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
11 Analysis of net cash / (debt)
2024 Cash flow Non-cash Translation adjustments 2025
movements
€'000 €'000 €'000 €'000 €'000
Cash 124,540 48,388 - (3,150) 169,778
Overdrafts (1) (69) - - (70)
Cash and cash equivalents 124,539 48,319 - (3,150) 169,708
Loans (196,225) (45,838) (655) 2,167 (240,551)
Net (debt) / cash (71,686) 2,481 (655) (983) (70,843)
Lease liabilities (61,532) 20,774 (29,341) 1,802 (68,297)
Net debt including lease liabilities (133,218) 23,255 (29,996) 819 (139,140)
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
12 Share capital
2025 2024
€'000 €'000
Authorised
250,000,000 ordinary shares of €0.01 each (i) 2,500 2,500
Allotted, called up and fully paid
119,741,531 (2024: 125,320,375) ordinary shares of €0.01 each 1,197 1,253
(i) (ii)
Number of treasury shares Nominal value of shares Carrying value of shares
€ €'000
Treasury shares in issue
At 1 August 2024 18,689,635 186,896 67,569
Share buy-back (ii) 550,839 5,508 1,850
Cancellation of treasury shares (iii) (5,578,844) (55,788) (20,128)
Re-issue of treasury shares (iv) (644,326) (6,443) (2,325)
At July 2025 13,017,304 130,173 46,966
(i) Ordinary shareholders are entitled to dividends as declared and
each ordinary share carries equal voting rights at meetings of the Company.
(ii) During the financial year, the Group completed a share buy-back
programme. The total number of ordinary shares purchased by the Group during
the financial year was 550,839 for a total consideration before expenses of
€1.9 million. The re-purchased shares are held as treasury shares.
(iii) On 26 June 2025, the Group cancelled 5,578,844 treasury shares.
(iv) During the financial year, the Group re-issued 644,326 treasury
shares to satisfy the exercise of share options granted under the Company's
Long-Term Incentive Plan (2015).
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2025
13 Return on capital employed
Return on capital employed is a key performance indicator for the Group and
represents Group earnings before interest, tax and amortisation of non-ERP
related intangible assets taken as a percentage of Group net assets and is
consistent with the definition approved as part of the 2015 Long Term
Incentive Plan.
2025 2024
€'000 €'000
Total assets 1,467,174 1,402,316
Total liabilities (1,042,920) (997,386)
Adjusted for:
Net debt 139,140 133,218
Tax, put option and derivative financial instruments, net 30,625 19,419
Accumulated amortisation of non-ERP related intangible assets 73,619 96,590
Capital employed 667,638 654,157
Average capital employed 827,467 800,653
Operating profit (excluding exceptional items) 77,187 70,204
Amortisation of non-ERP intangible assets 12,758 13,312
Share of profit of associates and joint venture 9,048 6,421
Return 98,993 89,937
Return on capital employed 12.0% 11.2%
In years where the Group makes significant acquisitions or disposals, the
return on invested capital calculation is adjusted accordingly to ensure that
the impact of the acquisition or disposal is time apportioned appropriately.
14 Related party transactions
Related party transactions occurring in the year were similar in nature to
those described in the 2024 Annual Report.
15 Dividend
The Directors are proposing a final dividend of 14.15 cent per ordinary share
for approval at the AGM in November 2025, bringing the total dividend payment
to 17.30 cent. Subject to shareholder approval at the AGM, this final dividend
will be paid on 6 February 2026 to shareholders on the register on 16 January
2026.
16 Subsequent events
There have been no material events subsequent to 31 July 2025
that would require adjustment to or disclosure in this report.
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