ORIGIN ENTERPRISES, the agribusiness company that is 71 per cent owned by food group Aryzta, has reported a 17.6 per cent increase in pretax profits to €17.1 million for the six months to the end of January 2009.

The company was boosted by its purchase last year of agronomy business Masstock, which provides specialist crop and land management services to farmers in the UK and Poland.

Operating profit at Origin increased 32 per cent to €25.7 million compared to the same period the year before, while group revenue increased 30 per cent to €710.1 million.

Revenue at Origin’s food division declined 8 per cent to €156.6 million due to a decline in agency distribution, as retailers sourced certain product ranges directly from the UK.

However, its home baking brand Shamrock and Italian food ingredients brand Roma recorded underlying revenue growth of 6 per cent.

Origin attributed this to a move among consumers toward eating at home.

Rising home consumption also resulted in strong retail flour volumes for the Odlums brand.

In Ireland, there was a “satisfactory” performance for sales of feed ingredients and fertiliser, with overall volumes of feed remaining in line with the previous year.

However, in the UK significant price volatility resulted in reduced fertiliser volumes, as farmers delayed purchasing decisions.

Origin said it would strengthen its position in the marine proteins business through its decision to combine its Irish, British and Norwegian fishmeal and fish oil operations.

“We remain positive regarding our prospects for the full year,” said Origin chief executive Tom O’Mahony.

Origin’s share price rose 16 cent to €1.50 on the Iseq index yesterday, a gain of almost 12 per cent.

No dividend will be paid in respect of the half year.