SHARES in farm chemical and seed company Nufarm have spiked to a seven-year high this morning on the back of strong interim results.
The company’s chief executive announced this morning it profited $20 million after revenue was up 15 per cent on last year to $1.36 billion. Earnings before interest, tax, depreciation and amortisation was up 19pc to $85 million.
On the back of the news shares jumped this morning to $9.96 up from $9.55 at the day’s opening.
Directors approved a 25pc increase in the half year dividend, which will be five cents a share.
Nufarm’s chief executive Greg Hunt said the company had thrived in a period where global market conditions were very competitive.
He said the agribusiness remained on track to deliver improved earnings growth for the full year provided normal seasonal conditions prevail.
During the past 18 months the company had rolled out a company-wide restructure program to deliver savings.
