Nufarm reports its half-year results

Nufarm Limited (ASX: NUF) announced the financial results for the half year ended 31 March 2023:

• For the six months ended 31 March 2023, underlying net profit after tax (uNPAT) climbed 7% from the prior comparative period (pcp) to AU$ 142 million.
• It has reported its statutory net profit after tax of AU$149 million, up 51% and underlying EBITDA of AU$316 million, down 4%.
• The company’s board increased the interim dividend by 25%, to 5 cents per share, unfranked, from the amount stated in the PCP.

Outlook

Net working capital movements reflecting seasonal build and enlarged inventory, notably in North America, have caused the company's net debt and leverage to rise. However, when farmers accept delivery to meet seasonal deadlines and stockpiles are depleted closer to use periods, inventory is anticipated to decline in the second half.

Most major agricultural markets are experiencing favorable seasonal circumstances, and early 2HFY23 trading has shown strong demand for the company's seed and crop protection products.

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