REG - Origin Enterprises - Final Results
24/09/2024 07:00
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RNS Number : 3320F Origin Enterprises Plc 24 September 2024
Origin Enterprises plc
PRELIMINARY RESULTS STATEMENT
Solid Q4 operating performance underpins full year adjusted EPS of 48.06 cent,
at upper end of guidance range
Dublin, London, 24 September 2024: Origin Enterprises plc ('Origin' or 'the
Group'), the international group championing sustainable land use solutions,
announces results for the financial year ended 31 July 2024 ('FY24').
Financial Summary
· Operating profit(1) of €83.5 million and adjusted EPS(3) of
48.06 cent at upper end of guidance range, back 8.0% and 9.6% respectively on
prior year
· Decrease in Group revenue of 16.7% to €2.0 billion, reflecting
lower global feed and fertiliser raw materials pricing, partly offset by a
7.1% volume increase driven by a recovery in fertiliser volumes and strong
feed volumes
· Volume growth improved to 12.7% in H2 as demand for feed and
fertiliser improved and crop protection volumes benefited from strong late
season applications
· Strong balance sheet at year end with net debt(4) of €71.7
million and key EBITDA:Net Debt covenant at 0.66x
· Agriculture
o Operating profit(1) from Agriculture of €71.6 million, a reduction of
10.1% year on year, as a result of adverse weather during key application
periods, primarily in the UK and Ireland
o Continental Europe and Latin America delivered a good performance with
volume growth across both regions resulting in operating profits of €17.5
million and €15.1 million respectively
· Living Landscapes
o Operating profit(1) of €11.9 million, representing a 7.1% increase on
FY23 supported by the performance from recent acquisitions
o Living Landscapes now represents 14.2% of Group operating profit(1)
Capital Allocation Summary
· Cumulative acquisition spend of €44.3 million in FY24, primarily
driven by the completion of the put/call option for the residual 35% interest
in Fortgreen in Latin America of €30.9 million
· Strategic capital expenditure of €34.1m, primarily in
Agriculture, including:
o New FoliQ fertiliser plant in Poland
o Investment programme to expand micropack production facility in Agrii
Romania
o Build of a new blending plant and warehouse at the Port of Tyne in our
Origin Fertiliser UK business
o Continued expansion of production facilities in Brazil
o Continued rollout of our new ERP D365 platform across the Ireland and UK
businesses
· Further expansion of Living Landscapes with acquisition of Avian
Ecology and Bowland Ecology, two UK based specialist ecological consultancy
businesses, post year end
· €20 million share buyback completed on 13 September 2024;
average price of €3.17 per share
· Proposed final dividend of 13.65 cent per share; total FY24
dividend of 16.80 cent, in line with prior year
Origin's Chief Executive Officer, Sean Coyle, commented:
"Following a solid Q4 performance, supported by strong late applications,
Origin delivered an FY24 operating profit of €83.5 million and an adjusted
earnings per share of 48.06 cent, which is at the upper end of our Q3 guidance
range. This result is a significant improvement on the last challenging
weather year experienced in FY20 and that is testament to the growth in
Fertiliser and Feed operations, Central Europe and LATAM performance and the
Group's ongoing diversification and expansion into Living Landscapes.
Our Agriculture businesses delivered an operating profit of €71.6 million, a
10.1% reduction on the prior year primarily driven by the UK market which
experienced a reduced planted area and delayed on-farm activity as a result of
challenging early season drilling and application window. To ensure the
business is better aligned to the future margin opportunity, we had to take
the difficult decision to reduce staff numbers in our UK agronomy business.
Our animal feed joint ventures in Ireland delivered strong results, largely as
a result of the increased demand for feed due to the poor weather. The Group's
performance was supported by the growth of our newly branded 'Living
Landscapes' operations, which includes our amenity, ecology, and environmental
businesses. We made progress on our strategic objective of expanding our
footprint in this space, with the completion of two complementary acquisitions
during the year and a further two subsequent to year end. Living Landscapes
now accounts for 14.2% of the Group's operating profit, up from 12.2% last
year and we remain ambitious for further acquisition and organic growth in the
coming years. We were delighted to appoint TJ Kelly, former Group CFO, as
Managing Director of Living Landscapes and overseeing its development and
expansion, with Colm Purcell joining as Group CFO on 15 July 2024.
We continue to pursue a disciplined approach to capital allocation. During the
year we returned €36.7 million to shareholders though the share buyback
programme and dividends. Total shareholder returns for the last 3 years
amounts to €128.1 million, or 36% of our current market capitalisation. We
have invested €44.3 million in acquisition growth including the completion
of the acquisition of the residual 35% interest in Fortgreen in Latin America
for €30.9 million, while maintaining a year end EBITDA:Net Debt ratio of
less than 1x.
While trading conditions have been particularly challenging throughout FY24,
the resilience of our business model and increased diversity of our earnings
profile is evident in our solid full year performance. The Group remains well
on track to deliver the strategic, operational and financial goals outlined in
our 2022 Capital Markets Day. Consistent with previous years, the Group will
issue a Q1 Trading Update for FY25 on the date of the AGM, 21 November 2024."
Financial Review - Summary Constant
FY24 FY23 Change Currency
€'000 €'000 % %
Group revenue 2,045,701 2,456,168 (16.7%) (18.0%)
Operating profit(1) 83,516 90,791 (8.0%) (8.7%)
Associates and joint venture(2) 6,421 4,040 58.9% 56.7%
Total group operating profit(1) 89,937 94,831 (5.2%) (5.9%)
Finance expense, net (18,566) (12,963) 43.2% 42.2%
Profit before tax(1) 71,371 81,868 (12.8%) 13.5%
Taxation (16,180) (19,230) (15.9%)
Adjusted net profit 55,191 62,638 (11.9%)
Basic EPS (cent) 36.73 45.24 (18.8%)
Adjusted diluted EPS (cent)(3) 48.06 53.16 (9.6%)
Return on capital employed (%) 11.2% 12.6% (140bps)
Group net (debt)/cash(4) (71,686) 53,175 (124,861)
Operating margin(1) (%) 4.1% 3.7% 40bps
Free cash flow (€'000) 6,175 104,418 (98,243)
Dividend per ordinary share (cent) 16.80c 16.80c -
Adjusted net profit reconciliation FY24 FY23
€'000 €'000
Reported net profit 40,428 51,032
Amortisation of non-ERP intangible assets 13,312 13,435
Tax on amortisation of non-ERP related intangible assets (2,864) (2,460)
Exceptional items (net of tax) 4,315 631
Adjusted net profit 55,191 62,638
Group revenue
Group revenue decreased by 16.7% to €2,045.7 million on a reported basis and
18.0% on a constant currency basis. Excluding crop marketing, revenue reduced
by 17.1%, with price reductions of 26.1%, reflecting expected global commodity
price movements, partially offset by volume increases of 7.8% and acquisitions
of 1.2%.
Operating profit(1)
Operating profit(1) amounted to €83.5 million compared to €90.8 million in
FY23, a reduction of 8.0%. Overall, our Agriculture businesses saw a 10.1%
reduction in operating profit to €71.6 million, while Living Landscapes saw
a 7.1% increase to €11.9 million. Group operating margin increased from 3.7%
to 4.1% in FY24, principally driven by margin improvements in our Agriculture
business.
Associates and joint venture(2)
Origin's share of the profit after taxation from associates and joint venture
amounted to €6.4 million in the period (FY23: €4.0 million). The FY24
performance reflects a stronger feed commodity market largely driven by the
increased demand for feed due to the poor weather during the year.
Finance costs and net bank debt(4)
Net debt(4) at 31 July 2024 was €71.7 million (FY23: Net cash(4) of €53.2
million), a movement of €124.9 million on the prior year. The movement
reflects an acquisition spend of €44.3 million, including the settlement of
the Fortgreen put/call option of €30.9 million, a net working capital
outflow during the year of €62.9 million (including sanction payments
amounting to €37.5 million), growth related capital expenditure of €34.1
million and returns to shareholders through share buy backs and dividends of
€36.7 million.
Net finance costs amounted to €18.6 million, which represents an increase of
€5.6 million on the prior year, reflecting increased interest rates and
average debt, year-on-year, across the Group.
At 31 July 2024, the Group had unsecured committed banking facilities of
€400.0 million (2023: €400.0 million), with pricing linked to ESG
performance, which will expire in 2026.
At year end the Group's key banking covenants were as follows:
Banking Covenant
FY24 FY23
Net debt to EBITDA Maximum 3.5 0.66 -
EBITDA to net interest Minimum 3.0 6.51 8.57
Working capital
For the year ended 31 July 2024, there was a working capital outflow of
€62.9 million. The increase in working capital investment was primarily
driven by higher debtors as a result of delayed applications due to weather
and a reduction in creditors following the payment of c.50% of outstanding
suspended supplier amounts in compliance with sanctions regimes amounting to
€37.5 million.
The period end working capital position includes the residual net impact of
trade payables which have been suspended in accordance with international
sanctions imposed by authorities in response to the Russian invasion of
Ukraine in 2022. We continue to closely monitor the situation with regard to
sanctions and act accordingly.
Adjusted diluted earnings per share ('EPS')(3)
Adjusted diluted EPS(3) amounted to 48.06 cent per share (FY23: 53.16 cent), a
decrease of 9.6% on a reported basis and 10.3% on a constant currency basis.
Free cash flow
FY24 FY23
€'m €'m
Free cash flow 6.2 104.4
12.7% 178.2%
Free cash flow conversion ratio
The Group generated free cash flow in the year of €6.2 million (FY23:
€104.4 million). The movement in the free cash flow is primarily due to the
timing of suspended sanction payments year on year and the timing of receipts
with higher sales later in the year as a result of delayed applications.
Free cash flow means 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.
Free cash flow conversion ratio means free cash flow 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 FY24 FY23
Return on capital employed ('ROCE') 11.2% 12.6%
The Group delivered a ROCE of 11.2%. The Group's operating performance decline
resulted in a ROCE of 11.2%, below our target range of 12-15%. 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 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 a charge of €4.3 million in the
year (FY23: €0.6 million), and are summarised in the table below:
FY24 FY23
€'m €'m
Acquisition related items (2.0) 2.3
Ukraine related costs 4.5 2.0
Redundancy and restructuring costs 3.5 -
Arising in associates and joint venture (1.7) (3.7)
Total exceptional items, net of tax 4.3 0.6
Acquisition-related items include adjustments to the fair value of contingent
consideration during the year. Operations in Ukraine were closed down in Q3
FY24 with associated costs and costs relating sanction payments included
above. Redundancy and restructuring costs are largely driven by restructuring
within the Agrii UK business to position the Group for future growth.
Associates and joint venture costs include the gain on disposal of property
and settlement of an insurance claim.
Dividends
The Directors are proposing a final dividend of 13.65 cent per ordinary share
for approval at the AGM in November 2024, bringing the total dividend payment
for FY24 to 16.80 cent. Subject to shareholder approval at the AGM, this final
dividend will be paid on 14 February 2025 to shareholders on the register on
24 January 2025.
Board changes
Mr Dick Hordijk (Netherlands), Chief Executive Officer and Chairman of the
Executive board of Royal Agrifirm Group, a global agricultural cooperative,
will be appointed to the Board as an independent Non-Executive Director, with
effect from 16 October 2024.
Colm Purcell joined the Group as Chief Financial Officer on 15 July 2024. Colm
will be co-opted to the Board on 25 September 2024 following the publication
of the Group's full year results for 2024.
Share buyback programme
On 21 November 2023 the Group commenced a share buyback programme to
repurchase up to €20 million of ordinary shares. At 31 July 2024, the Group
had spent €18.2 million on the programme and it was successfully completed
on 13 September 2024.
ESG Update
In FY24, Origin advanced its ESG agenda through ongoing portfolio
diversification and a commitment to the Science Based Targets initiative
(SBTi), which was validated in November 2023. Our approach aims to address
climate challenges and geopolitical shifts, promote biodiversity, sustainable
land practices, and innovation. By reducing emissions, protecting and
conserving resources, Origin seeks to enhance food security, optimise
sustainable land use, and promote inclusive growth.
Corporate development
During the year, the Group continued to strengthen its offering in the Living
Landscapes space. The Group acquired Groundtrax Systems Limited ('Groundtrax')
and the business and operating assets of Suregreen Limited ('Suregreen') from
its administrators. Groundtrax is a leading supplier of ground protection and
sustainable urban drainage systems and Suregreen is a UK based landscape and
gardening products supplier for trade professionals and DIY customers. The
Group also completed the Fortgreen put/call option which is the final payment
for the Latin America business within the Agriculture segment.
Subsequent to year end, the Group completed the acquisition of Avian Ecology
Limited ('Avian') and Bowland Ecology Limited ('Bowland'). Both Avian and
Bowland are specialist ecological consultancy businesses in the UK.
Investor relations
Our strategy aims to create long-term shareholder value and we support this
strategy through regular and open communication with all capital market
participants. Contact with institutional shareholders is the responsibility of
the executive management team including the Chief Executive Officer, the Chief
Financial Officer and the Head of Investor Relations.
We engage with institutional investors in numerous one-on-one meetings, as
well as at roadshows and equity conferences. During FY24, meetings were held
with 145 institutional investors. Engagement was facilitated through a
combination of in-person meetings and remotely using virtual conferences and
video calls.
Annual General Meeting (AGM)
The AGM is scheduled to be held on 21 November 2024 at 11.00am (UK/Ireland
time) in the Merrion Hotel, Upper Merrion Street, Dublin 2.
(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, net of related deferred tax
(2024: €10.4m, 2023: €11.0m) and exceptional items, net of tax (2024:
€4.3m, 2023: €0.6m)
(4) Group net cash/(bank debt) before impact of IFRS 16 Leases
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, 24 September 2024, 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)
Joe Gill Tel: +353 (0)1 641 9449
Davy (Nominated Adviser)
Anthony Farrell Tel: +353 (0)1 614 9993
Berenberg (Corporate Broker)
Clayton Bush Tel: +44 (0)20 3207 7800
FTI Consulting (Financial 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)
Review of Operations
Group Overview
FY24 FY24 FY24 FY23 FY23 FY23
Revenue Operating profit Operating margin Revenue Operating profit Operating margin
€'m % €'m %
€'m €'m
Agriculture:
Ireland and the UK 1,208.6 39.0 3.2% 1,513.2 46.7 3.1%
Continental Europe 557.7 17.5 3.1% 696.3 17.3 2.5%
Latin America 130.1 15.1 11.6% 118.1 15.7 13.3%
Total 1,896.4 71.6 3.8% 2,327.6 79.7 3.4%
Living Landscapes 149.3 11.9 8.0% 128.6 11.1 8.6%
Group 2,045.7 83.5 4.1% 2,456.2 90.8 3.7%
(1) Before amortisation of non-ERP intangible assets and exceptional items
(2) Excluding currency movements
Agriculture
Agriculture delivered a robust performance during the year despite the
significant challenges of adverse weather and commodity price movements. This
challenging operating environment resulted in a decrease in revenues and
operating profit of 18.5% and 10.1% respectively. Geographical analysis is set
out below:
Ireland and the UK
Change on the prior year
Constant Currency(3)
FY24 FY23 Change %
€'m €'m %
Revenue 1,208.6 1,513.2 (20.1%) (21.1%)
Operating profit(1) 39.0 46.7 (16.6%) (17.7%)
Operating margin(1) 3.2% 3.1% 10bps 10bps
Associates and joint venture(2) 6.4 4.0 58.9% 57.6%
(1) Before amortisation of non-ERP intangible assets and exceptional items
(2) Profit after interest and tax before exceptional items
(3) Excluding currency movements
Ireland and the UK delivered a reduced operating profit contribution in FY24,
primarily driven by the UK market where sales of crop protection and other
farm inputs were impacted by adverse weather conditions. While revenues
declined by 20.1%, the impact on operating profit was somewhat mitigated by
operational efficiencies and cost control initiatives. Overall operating
margins increased from 3.1% to 3.2%.
Sustainable Agronomy
Our Sustainable Agronomy business delivers agronomy services and sales of
inputs direct to farmers, predominantly in the UK. During the year,
performance was impacted by difficult weather and in-field conditions that saw
an 8.5% reduction in the overall planted area to 3.9 million hectares. This
resulted in curtailed investment by growers that directly impacted our revenue
and operating profit.
Soil Nutrition
Our Soil Nutrition business largely encompasses the Ireland and UK
business-to-business fertiliser operations. Overall Soil Nutrition performance
was in line with expectations. The operating profit reduction, driven by
falling commodity markets, more than offset volume increases, with volumes
making some recovery from recent historical lows and pricing now returning to
more normalised levels.
Animal Nutrition
Origin's Feed Ingredients business delivered a strong performance in FY24,
benefitting from increased demand given the challenging in-field conditions
experienced on the island of Ireland.
The Group's animal feed manufacturing associate, John Thompson & Sons
Limited, in which the Group has a 50% shareholding, delivered a good
performance in the period.
Continental Europe
Change on prior year
Constant Currency(2)
FY24 FY23 Change %
€'m €'m %
Revenue 557.7 696.3 (19.9%) (22.3%)
Revenue (excl. crop marketing) 378.2 464.6 (18.6%) (20.0%)
Operating profit(1) 17.5 17.3 1.3% (0.4%)
Operating profit(1) (excl. crop marketing) 16.5 15.8 4.6% 3.2%
Operating margin(1) 3.1% 2.5% 60bps 70bps
Operating margin(1) (excl. crop marketing) 4.4% 3.4% 100bps 100bps
(1) Before amortisation of non-ERP intangible assets and exceptional items
(2) Excluding currency movements
Continental Europe ('CE') delivered a good performance in FY24, with operating
profit of €16.5 million, an increase of 4.6% on FY23. The Group completed
the closure of the Ukraine business in Q3 with no material impact to Group
operating profit.
Overall revenue, excluding crop marketing, declined by 18.6% in the year which
represents commodity pricing reductions. Overall sales volumes increased by
7.9%, with both geographies showing growth, and a favourable product mix
contributing to margin enhancement. Operating margin increased from 3.4% to
4.4% in the year.
Poland
Poland delivered a good performance in FY24, supported by a cropping area in
line with FY23 and higher disease pressure during the key application windows.
The completion and commissioning of the new FoliQ foliar fertiliser plant
occurred during the year, with a ramp-up of production now underway.
The harvest is now complete, with average yields lower than FY23 due to dry
conditions during the season and reduced on-farm spend in some regions.
Current farm sentiment remains cautious due to commodity price volatility and
dry conditions in some areas.
Romania
Romania reported a solid performance in FY24, with a planted area broadly in
line with FY23, however drought conditions did impact product demand in
certain regions and mix of product.
During the year we enhanced our micro-pack facility with new bottling
capabilities to meet growing demand.
The harvest is largely complete, with average yields below last year due to
soil moisture deficits in some areas. The reduced yields have impacted farm
sentiment negatively, with planting decisions for the FY25 season being
delayed in some areas while soil moisture deficits remain.
Latin America
Change on prior period
Change Constant Currency(2)
FY24 FY23 % %
€'m €'m
Revenue 130.1 118.1 10.1% 11.7%
Operating profit(1) 15.1 15.7 (3.3%) (1.8%)
Operating margin(1) 11.6% 13.3% (170bps) (160bps)
(1) Before amortisation of non-ERP intangible assets and exceptional items
(2) Excluding currency movements
Latin America delivered a solid performance in FY24, ahead of expectations in
a challenging macro environment, with operating profit of €15.1 million.
There was an underlying increase in volumes of 37.4% in the year. The
sustained volume growth across all product portfolios is driven by continued
investment in the sales organisation and operations infrastructure. The
reduction in operating margin reflects the impact of the deflationary
environment within Brazilian fertiliser markets versus a strong comparative
prior year, together with the mix effect of a greater increase in CRF sales
compared to speciality products.
The overall result was supported by the total cropping area dedicated to soya,
Brazil's principal crop, increasing by 4.0% on the prior year to 45.4 million
hectares. However, the expected soya harvest is currently estimated to be
148.5 million tonnes, down from the 154.6 million tonnes in the prior year due
to a hot and dry growing season. The total production for Brazil's second corn
crop, known as 'safrinha', is forecasted to decrease by 9.4% to 119.5 million
tonnes due to a reduction in planted area, coupled with lower projected
yields.
Living Landscapes
Change on prior year
Constant Currency(2)
FY24 FY23 Change %
€'m €'m %
Revenue 149.3 128.6 16.1% 14.7%
Operating profit(1) 11.9 11.1 7.1% 5.8%
Operating margin(1) 8.0% 8.6% (60bps) (70bps)
(1) Before amortisation of non-ERP intangible assets and exceptional items
(2) Excluding currency movements
Living Landscapes delivered a good performance during the year, supported by
the positive impact of acquisitions over the current and prior year. This
segment now accounts for 14.2% of the Group's operating profit, up from 12.2%
last year, demonstrating the effectiveness of our strategy and its
contribution to a more diversified and resilient earnings base.
During the year, the Group completed two acquisitions, Groundtrax and
Suregreen, for initial consideration of €5.3 million. These acquisitions
complement Origin's growth strategy and extends our product range and service
offering in the Living Landscapes sector.
Sports
Our Sports businesses provide agronomic advice, supporting technically-led
retail sales of the inputs required to help each playing or recreational space
achieve its true potential. Performance during the year was impacted by
prolonged wet conditions across the UK, which impacted application windows for
sports turf products.
Landscapes
Our Landscapes businesses provide professional-grade landscaping, tree
planting and forestry services and products to developers, construction
contractors, architects, and custodians of land across all types of land
development. The division continues to benefit from ongoing investment within
urban greening and infrastructure projects.
Environmental
Our environmental businesses offer ecological and environmental services to
organisations involved in land management, development, restoration, and
conservation. We continue to grow our footprint through ongoing investment.
Subsequent to year end, the Group completed two further bolt-on acquisitions
in the environmental space - Avian Ecology and Bowland Ecology. These
specialist consultancies further strengthen the Group's environmental services
and complement our Neo Environmental and Keystone Environmental businesses.
ENDS
Origin Enterprises plc
Consolidated Income Statement
For the financial year ended 31 July 2024
Pre- Pre-
exceptional Exceptional Total exceptional Exceptional Total
2024 2024 2024 2023 2023 2023
€'000 €'000 €'000 €'000 €'000 €'000
Notes (Note 3) (Note 3)
Revenue 2 2,045,701 - 2,045,701 2,456,168 - 2,456,168
Cost of sales (1,701,665) - (1,701,665) (2,122,029) - (2,122,029)
Gross profit 334,036 - 334,036 334,139 - 334,139
Operating costs (273,832) (7,318) (281,150) (256,783) (4,489) (261,272)
Share of profit of associates and joint venture
6,421 1,653 8,074 4,040 3,692 7,732
Operating profit 76,625 (5,665) 70,960 81,396 (797) 80,599
Finance income 3,386 - 3,386 2,080 - 2,080
Finance expense (21,952) - (21,952) (15,043) - (15,043)
Profit before income tax
58,059 (5,665) 52,394 68,433 (797) 67,636
Income tax (expense)/credit
(13,316) 1,350 (11,966) (16,770) 166 (16,604)
Profit for the year 44,743 (4,315) 40,428 51,663 (631) 51,032
Earnings per share for the year 2024 2023
Basic earnings per share 4 36.73c 45.24c
Diluted earnings per share 4 35.21c 43.31c
Origin Enterprises plc
Consolidated Statement of Comprehensive Income
For the financial year ended 31 July 2024
2024 2023
€'000 €'000
Profit for the year 40,428 51,032
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 3,154 (6,103)
-deferred tax effect of remeasurements (836) 1,506
-share of remeasurements on associate's defined benefit pension schemes (79) (53)
-share of deferred tax effect of remeasurements - associates 20 13
Items that may be reclassified subsequently to the Consolidated Income
Statement:
Group foreign exchange translation details
-exchange difference on translation of foreign operations (12,089) (1,580)
Group/Associate cash flow hedges
-effective portion of changes in fair value of cash flow hedges (3,608) 7,387
-fair value of cash flow hedges transferred to operating costs and other (414) (7,801)
income
-deferred tax effect of cash flow hedges 250 394
-share of associates and joint venture cash flow hedges 295 (1,960)
-deferred tax effect of share of associates and joint venture cash flow hedges (37) 245
Other comprehensive expense for the year, net of tax (12,804) (7,952)
Total comprehensive income for the year attributable to equity shareholders 27,624 43,080
Origin Enterprises plc
Consolidated Statement of Financial Position
As at 31 July 2024
2024 2023
Notes €'000 €'000
ASSETS
Non-current assets
Property, plant and equipment 5 132,665 118,107
Right-of-use-asset 59,834 54,037
Investment properties 2,270 2,270
Goodwill and intangible assets 6 308,852 299,906
Investments in associates and joint venture 7 44,484 52,387
Other financial assets 913 898
Deferred tax assets 6,866 8,737
Post employment benefit schemes surplus 9 6,715 2,579
Derivative financial instruments 2,760 6,960
Total non-current assets 565,359 545,881
Current assets
Assets classified as held for sale 5,800 5,800
Inventory 228,132 232,167
Trade and other receivables 477,851 440,398
Derivative financial instruments 634 118
Cash and cash equivalents 11 124,540 151,237
Total current assets 836,957 829,720
TOTAL ASSETS 1,402,316 1,375,601
Origin Enterprises plc
Consolidated Statement of Financial Position (continued)
As at 31 July 2024
2024 2023
Notes €'000 €'000
EQUITY
Called up share capital presented as equity 12 1,253 1,253
Share premium 160,526 160,526
Retained earnings and other reserves 243,151 248,814
TOTAL EQUITY 404,930 410,593
LIABILITIES
Non-current liabilities
Interest bearing loans and borrowings 11 196,225 96,964
Lease liabilities 47,184 42,835
Deferred tax liabilities 21,732 20,720
Provisions for liabilities 8 9,419 11,331
Derivative financial instruments 538 25
Total non-current liabilities 275,098 171,875
Current liabilities
Interest bearing loans and borrowings 11 1 1,098
Lease liabilities 14,348 12,081
Trade and other payables 693,992 722,605
Corporation tax payable 6,538 11,937
Put option liability - 32,382
Provisions for liabilities 8 6,455 11,987
Derivative financial instruments 954 1,043
Total current liabilities 722,288 793,133
TOTAL LIABILITIES 997,386 965,008
TOTAL EQUITY AND LIABILITIES 1,402,316 1,375,601
Origin Enterprises plc
Consolidated Statement of Changes in Equity
For the financial year ended 31 July 2024
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 2023 1,253 160,526 (51,689) 145 2,869 12,843 6,226 (196,884) (45,328) 520,632 410,593
Profit for the year - - - - - - - - - 40,428 40,428
Other comprehensive (expense)/income for the year - - - - (2,974) - - - (12,089) 2,259 (12,804)
Total comprehensive income / (expense) for the year - - - - (2,974) - - - (12,089) 42,687 27,624
Share-based payment charge - - - - - - 2,439 - - - 2,439
Share buyback - - (18,150) - - - - - - - (18,150)
Re-issue of treasury shares - - 2,270 - - - - - - (1,306) 964
Dividend paid to shareholders - - - - - - - - - (18,540) (18,540)
Transfer of share based payment reserve - - - - - - (1,063) - - 1,063 -
to retained earnings
At 31 July 2024 1,253 160,526 (67,569) 145 (105) 12,843 7,602 (196,884) (57,417) 544,536 404,930
Origin Enterprises plc
Consolidated Statement of Cash Flows
For the financial year ended 31 July 2024
2024 2023
€'000 €'000
Cash flows from operating activities
Profit before tax 52,394 67,636
Exceptional items 5,665 797
Finance income (3,386) (2,080)
Finance expense 21,952 15,043
Loss on disposal of property, plant and equipment (79) 718
Share of profit of associates and joint venture (6,421) (4,040)
Depreciation of property, plant and equipment 8,822 8,678
Depreciation of right of use assets 14,320 12,810
Amortisation of intangible assets 15,002 14,218
Employee share-based payment charge 2,439 2,550
Pension contributions in excess of service costs and administration costs (803) (834)
Settlement of non-trade related item (7,205) -
Payment of exceptional Ukraine related costs (4,043) (1,918)
Payment of exceptional acquisition and disposal related costs (4,669) (1,537)
Operating cash flow before changes in working capital 93,998 112,041
Movement in inventory 3,809 146,884
Movement in trade and other receivables (40,449) 19,845
Movement in trade and other payables (26,249) (122,835)
Cash generated from operating activities 31,099 155,935
Interest paid (14,466) (11,526)
Income tax paid (16,064) (19,631)
Cash inflow from operating activities 569 124,778
Origin Enterprises plc
Consolidated Statement of Cash Flows (continued)
For the financial year ended 31 July 2024
2024 2023
€'000 €'000
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 924 235
Purchase of property, plant and equipment (23,542) (18,567)
Additions to intangible assets (19,831) (17,683)
Consideration relating to acquisitions (net of cash acquired) (5,302) (30,112)
Payment of contingent acquisition consideration (8,084) (115)
Net proceeds from disposal of subsidiary - 705
Purchase of other financial assets - (345)
Payment of put option liability (30,912) -
Dividends received from associates 16,596 144
Cash outflow from investing activities (70,151) (65,738)
Cash flows from financing activities
Drawdown of bank loans 423,226 334,599
Repayment of bank loans (325,966) (369,244)
Lease liability payments (15,955) (14,810)
Share buyback (18,150) (20,000)
Issue of share capital - 5
Proceeds from re-issue of treasury shares 1,608 1,654
Payment of dividends to equity shareholders (18,540) (17,990)
Cash inflow / (outflow) from financing activities 46,223 (85,786)
Net decrease in cash and cash equivalents (23,359) (26,746)
Translation adjustment (2,241) 515
Cash and cash equivalents at start of year 150,139 176,370
Cash and cash equivalents at end of year (Note 11) 124,539 150,139
Origin Enterprises plc
Notes to the preliminary results statement
For the financial year ended 31 July 2024
1 Basis of preparation
The financial information included on pages 12 to 32 of this preliminary
results statement has been extracted from the Group financial statements for
the year ended 31 July 2024 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 2024, 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 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.
Prior year comparative information has been presented on a consistent basis to
reflect the changes in our reporting segments.
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 2024
2 Segment information (continued)
(i) Segment revenue and results
Agriculture Living Landscapes Total Group
2024 2023 2024 2023 2024 2023
€'000 €'000 €'000 €'000 €'000 €'000
Revenue
Ireland & UK 1,208,575 1,513,176 149,288 128,588 1,357,863 1,641,764
Continental Europe 557,742 696,268 - - 557,742 696,268
Latin America 130,096 118,136 - - 130,096 118,136
Total 1,896,413 2,327,580 149,288 128,588 2,045,701 2,456,168
Segment Result
Ireland & UK 38,957 46,736 11,898 11,105 50,855 57,841
Continental Europe 17,523 17,297 - - 17,523 17,297
Latin America 15,138 15,653 - - 15,138 15,653
Total 71,618 79,686 11,898 11,105 83,516 90,791
Profit from associate & joint venture 6,421 4,040 - - 6,421 4,040
Amortisation of non-ERP intangible assets (10,603) (11,500) (2,709) (1,935) (13,312) (13,435)
Operating profit before exceptional items 67,436 72,226 9,189 9,170 76,625 81,396
Exceptional items (7,528) 524 1,863 (1,321) (5,665) (797)
Operating profit 59,908 72,750 11,052 7,849 70,960 80,599
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2024
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:
2024 2023
€'000 €'000
Segment earnings before financing costs and tax 70,960 80,599
Finance income 3,386 2,080
Finance expense (21,952) (15,043)
Reported profit before tax 52,394 67,636
Income tax expense (11,966) (16,604)
Reported profit after tax 40,428 51,032
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:
2024 2023
€'000 €'000
Ukraine related costs (i) 4,755 2,226
Acquisition, disposal and other related (credit) / costs (ii) (1,951) 2,263
Redundancy & restructuring costs (iii) 4,514 -
Exceptional costs before tax and before associates and joint venture 7,318 4,489
Tax credit on exceptional items (1,350) (166)
5,968 4,323
Exceptional costs before associates and joint venture
Arising in associates and joint venture, net of tax (iv) (1,653) (3,692)
Total exceptional costs after tax 4,315 631
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2024
3 Exceptional items (continued)
(i) Ukraine related costs
Ukraine related costs comprise of rationalisation costs attributable to
termination payments from restructuring programmes in Ukraine along with 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 €0.4 million.
(ii) Acquisition, disposal and other related costs / (credit)
Acquisition, disposal and other related costs principally comprised of
transaction costs incurred in relation to the acquisitions completed during
the current year, offset by a credit for excess deferred consideration. The
tax impact of this exceptional item in the current year was a charge of
€nil.
(iii) Redundancy & restructuring costs
Redundancy & restructuring costs relate to termination payments from
restructuring programmes across the Group. The tax impact of this exceptional
item in the current year was a tax credit of €1.0 million.
(iv) Arising in associates and joint venture
During 2021 the R&H Hall storage facility in Ringaskiddy suffered fire
damage. A credit of €1.0 million represents the excess of the insurance
claim proceeds over the net book value of the assets destroyed and other
restructuring costs incurred. Also included is a credit of €0.7 million
related to an exceptional gain on disposal of property. The tax impact of
these exceptional items in the current year was a tax charge of €0.7
million.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2024
4 Earnings per share
Basic earnings per share
2024 2023
€'000 €'000
Profit for the year attributable to equity shareholders 40,428 51,032
'000 '000
Weighted average number of ordinary shares for the year 110,068 112,791
Cent Cent
Basic earnings per share 36.73 45.24
Diluted earnings per share
2024 2023
€'000 €'000
Profit for the year attributable to equity shareholders 40,428 51,032
'000 '000
Weighted average number of ordinary shares used in basic 110,068 112,791
calculation
Impact of shares with a dilutive effect 3,927 2,671
Impact of the SAYE scheme 832 2,379
Weighted average number of ordinary shares (diluted) for the 114,827 117,841
year
Cent Cent
Diluted earnings per share 35.21 43.31
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2024
4 Earnings per share (continued)
2024 2023
'000 '000
Adjusted basic earnings per share
Weighted average number of ordinary shares for the year 110,068 112,791
2024 2023
€'000 €'000
Profit for the year 40,428 51,032
Adjustments:
Amortisation of non-ERP related intangible assets (Note 6) 13,312 13,435
Tax on amortisation of non-ERP related intangible assets (2,864) (2,460)
Exceptional items, net of tax 4,315 631
Adjusted profit for the year 55,191 62,638
Cent Cent
Adjusted basic earnings per share 50.14 55.53
Adjusted diluted earnings per share
2024 2023
'000 '000
Weighted average number of ordinary shares used in basic 110,068 112,791
calculation
Impact of shares with a dilutive effect 3,927 2,671
Impact of the SAYE scheme 832 2,379
Weighted average number of ordinary shares (diluted) for the 114,827 117,841
year
2024 2023
€'000 €'000
Adjusted profit for the year (as above) 55,191 62,638
Cent Cent
Adjusted diluted earnings per share 48.06 53.16
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2024
5 Property, plant and equipment
2024 2023
€'000 €'000
At 1 August 118,107 107,906
Arising on acquisition (Note 10) 799 1,459
Additions 23,519 18,891
Disposals (812) (1,014)
Depreciation charge for the year (8,822) (8,678)
Translation adjustments (126) (457)
At 31 July 132,665 118,107
6 Goodwill and intangible assets
2024 2023
€'000 €'000
At 1 August 299,906 251,999
Arising on acquisition (Note 10) 7,165 46,650
Additions 19,835 17,683
Disposals (20) (886)
Purchase adjustment - (58)
Amortisation of non-ERP intangible assets (13,312) (13,435)
ERP intangible amortisation (1,690) (783)
Translation adjustments (3,032) (1,264)
At 31 July 308,852 299,906
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2024
7 Investments in associates and joint venture
2024 2023
€'000 €'000
At 1 August 52,387 47,053
Share of profits after tax, before exceptional items 6,421 4,040
Share of exceptional items, net of tax (Note 3) 1,653 3,692
Dividends received (16,596) (144)
Share of other comprehensive income / (expense) 199 (1,755)
Translation adjustments 420 (499)
At 31 July 44,484 52,387
Split as follows:
Total associates 25,359 27,219
Total joint venture 19,125 25,168
44,484 52,387
8 Provisions for liabilities
The estimate of provisions is a key judgement in the preparation of
the financial statements.
2024 2023
€'000 €'000
At 1 August 23,318 5,612
Arising on acquisition (Note 10) 2,001 15,199
Provided in year 2,458 2,738
Paid / utilised in year (9,385) (115)
Released in the year (2,703) (290)
Translation adjustments 185 174
At 31 July 15,874 23,318
Split as follows:
Current liabilities 6,455 11,987
Non-current liabilities 9,419 11,331
15,874 23,318
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 2024
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 2024 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
2024 2023
€'000 €'000
At 1 August 2,579 7,767
Current service cost (150) (414)
Administrative expenses paid from plan assets (246) -
Employer contributions 1,199 1,248
Other finance income 124 255
Remeasurements 3,154 (6,103)
Translation adjustments 55 (174)
( )
At 31 July 6,715 2,579
10 Acquisition of subsidiary undertakings
On 25 August 2023, the Group acquired the business and operating assets of
Suregreen Limited, a UK based landscape and gardening products supplier for
trade professionals and DIY customers from its administrators.
On 1 February 2024, the Group acquired 100% of the share capital of Groundtrax
Systems Limited in the UK, a leading specialist supplier of ground protection
and reinforcement systems.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2024
10 Acquisition of subsidiary undertakings - continued
Fair
value
€'000
Assets
Non-current
Property, plant & equipment 799
Right of use leased assets 199
Intangible assets 719
Total non-current assets 1,717
Current assets
Inventory 691
Trade and other receivables 565
Cash and cash equivalents 3,360
Total current assets 4,616
Liabilities
Trade and other payables (1,581)
Lease Liabilities (199)
Corporation tax (197)
Deferred tax liability (139)
Total liabilities (2,116)
Total identifiable net assets at fair value 4,217
Goodwill arising on acquisition 6,446
Total net assets acquired 10,663
Consideration satisfied by:
Cash consideration 8,662
Contingent consideration arising from acquisition 2,001
Total consideration related to acquisitions 10,663
Net cash outflow - arising on acquisitions
Cash consideration 8,662
Less cash and cash equivalents acquired (3,360)
Total consideration related to acquisitions 5,302
Details of the net assets acquired and goodwill arising from the
business combinations are as follows:
(i) Trade Receivables acquired were €0.6 million. All amounts deemed
recoverable.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2024
11 Analysis of net cash / (debt)
2023 Cash flow Non-cash Translation adjustments 2024
movements
€'000 €'000 €'000 €'000 €'000
Cash 151,237 (24,426) - (2,271) 124,540
Overdrafts (1,098) 1,067 - 30 (1)
Cash and cash equivalents 150,139 (23,359) - (2,241) 124,539
Loans (96,964) (97,260) (534) (1,467) (196,225)
Net cash / (debt) 53,175 (120,619) (534) (3,708) (71,686)
Lease liabilities (54,916) 15,955 (21,867) (704) (61,532)
Net debt including (1,741) (104,664) (22,401) (4,412) (133,218)
lease liabilities
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2024
12 Share capital
2024 2023
€'000 €'000
Authorised
250,000,000 ordinary shares of €0.01 each (i) 2,500 2,500
Allotted, called up and fully paid
125,320,375 (2023: 125,320,375) ordinary shares of €0.01 each 1,253 1,253
(i) (ii)
Number of treasury shares Nominal value of shares Carrying value of shares
€'000 €'000
Treasury shares in issue
At 1 August 2023 13,558,484 135 51,689
Share buyback (ii) 5,759,134 58 18,150
Re-issue of treasury shares (iii) (627,983) (6) (2,270)
18,689,635 187 67,569
(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 commenced a share buyback
programme. The total number of ordinary shares purchased by the Group was
5,759,134 for a total consideration before expenses of €18.2 million. The
re-purchased shares are held as treasury shares.
(iii) During the financial year, the Group re-issued 627,983 treasury
shares to satisfy the exercise of share options granted under the Company's
Long-Term Incentive Plan (2015) and the exercise of share options granted
under the Group's UK ad ROI Savings Related Share Option Scheme.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2024
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.
2024 2023
€'000 €'000
Total assets 1,402,316 1,375,601
Total liabilities (997,386) (965,008)
Adjusted for:
Net debt 133,218 1,741
Tax, put option and derivative financial instruments, net 19,419 50,292
Accumulated amortisation of non-ERP related intangible assets 96,590 84,557
Capital employed 654,157 547,183
Average capital employed 800,653 754,287
Operating profit (excluding exceptional items) 70,204 77,356
Amortisation of non-ERP intangible assets 13,312 13,435
Share of profit of associates and joint venture 6,421 4,040
Return 89,937 94,831
Return on capital employed 11.2% 12.6%
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 2023 Annual Report.
15 Dividend
The Directors are proposing a final dividend of 13.65 cent per ordinary share
for approval at the AGM in November 2024, bringing the total dividend
payment to 16.80 cent. Subject to shareholder approval at the AGM, this final
dividend will be paid on 14 February 2025 to shareholders on the register on
24 January 2025.
Origin Enterprises plc
Notes to the preliminary results statement (continued)
For the financial year ended 31 July 2024
16 Subsequent events
In September 2024, the Group announced the acquisition of Avian
Ecology, a company providing a broad range of services, particularly
specialising in the areas of ornithology and renewable energy issues.
In addition, the Group also announced the acquisition Bowland
Ecology, specialising in terrestrial and freshwater ecology, delivering a full
range of ecological technical solutions.
There have been no other material events subsequent to 31 July
2024 that would require adjustment to or disclosure in this report.
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