Agricultural company Nufarm (ASX:NUF)
reports a 20 per cent rise in revenue in their first half for FY21 with their earnings before interest, tax, depreciation and amortisation jumped 118 per cent compared to same period a year ago. The company saw a rebound in their net profit after tax of $59 million for the period.
The crop protection company attributes its performance to strong volume growth in all regions though in particular Europe and the Asia Pacific as easing of drought conditions in Australia and Indonesia along with channel restocking and tight industry supply conditions helped with their bounce back.
Chief executive Greg Hunt said “strong early demand and channel restocking in key markets has delivered a very strong first half result,”
“We are realising benefits from the leverage of our APAC business to improved seasonal conditions and the earnings recovery in our European business is on track.
“Our North American and Seed Technologies businesses are delivering good growth, with currency translation impacts somewhat masking the true underlying performance of our North American business.”
The company has noted that full-year earnings forecast has continued into the second half with no change in expectations for their full year results.
The company will not pay an interim dividend.
Shares in Nufarm (ASX:NUF)
are trading 3.07 per cent higher at $5.04.