Irish agri-services group Origin Enterprises has announced the commencement of a share buyback programme to repurchase up to €20 million in ordinary shares.

The move follows the passing of the resolution at its annual general meeting last week. Goodbody Stockbrokers will handle the programme, which will begin on Tuesday and may continue until July 29th.

The length of the programme will be subject to market conditions, the ongoing capital requirements of the business, and termination provisions customary for arrangements of this nature.

The purpose of the programme is to reduce the share capital of the company. The repurchased ordinary shares will be held in treasury pending their cancellation or re-issue in due course.

Origin last week reported that its revenue rose last year as the company put in a strong performance in declining commodity markets.

But profits and earnings per share were lower for the year ending July 31st, 2023, as the markets stabilised and commodity prices fell back. The group also said it would close its Ukraine business at the end of the month.

Origin said its operating profit was €90.8 million for the year, down 24 per cent from €119.7 million reported in 2022. Pretax profit for the group was €81.9 million, more than 29 per cent below the previous year, when the figure stood at €115.5 million.

Group revenue rose almost 5 per cent to €2.5 billion, with adjusted diluted earnings per share of 53.16 cent, at the top end of its guidance.