25th May 2004
|
Announcement
|
Market update
|
Following discussions with the Australian Stock Exchange given the negative movement in Nufarm’s share price over the past two days, the company today released a general trading update.
Trading conditions across Nufarm’s global businesses are generally in line with expectations and the company remains confident of achieving a full year result (to July 31) consistent with its previous guidance, approximately 15% higher than the group’s net profit after tax achieved in 2003.
While some farming regions in Australia still require further rains to ensure a good winter crop, Nufarm’s Australian business has performed strongly in the January to April period and is on track to meet budgeted sales for the full year.
Crop protection sales in the US are, at end April, ahead of budget and the business is taking advantage of positive seasonal conditions and strong demand for product. Similarly, most of the European businesses are meeting or exceeding expectations for the nine months to end April.
The final three months of the financial year (May, June, July) are important sales months for crop protection products in most global markets.
General trading conditions aside, there are currently no unexpected business factors negatively impacting the performance of the company.
Nufarm’s CEO, Doug Rathbone, released a statement yesterday advising the market that – given an appropriate share price and the availability of trading ‘windows’ – he may sell up to 1 million shares within the next six months.
Mr Rathbone, who has a relevant interest in some 32 million shares in Nufarm, today reiterated his intention to remain CEO of the company for at least another seven years when he reaches age 65.
|
-- end --
Further information:
Robert Reis
Corporate Affairs
Phone (61 3) 9282 1177
|
Home
News & Press Releases
