Nufarm shares reach new high

SHARES in Nufarm have hit a seven-year high after the agricultural chemicals and seeds developer returned to profitability and forecast growth.

Nufarm made a net profit of $20 million in the six months to January 31, compared to a loss of $91 million a year earlier, having booked $103 million restructuring costs.

Underlying net profit rose 67 per cent to $19.8 million in the half year to January, up from $11.9 million a year earlier.

Nufarm shares gained 30¢, or 3.2 per cent, to $9.67, their highest value since January 2010.

Revenue rose in all of its regional crop protection businesses, except in Europe.