• Nufarm reports a challenging FY24 but is on track with cost savings and inventory reduction initiatives
• Strong growth in crop protection revenue in Asia and new product introductions contributing over 15% of revenue
• Continued progress in seed technologies platforms, including omega-3 canola and carinata biofuels expansion

Nufarm Limited has released its AGM speeches, trading update and proxy summary, providing an overview of the company's performance in FY24 and outlook for FY25. FY24 was a challenging year for the crop protection industry, but Nufarm was able to compete vigorously and continue investing in innovation and growth. The company met its revenue target for omega-3 canola, expanded the area planted to carinata in South America, and continued to build on the success of its canola business in Australia. Nufarm announced partnerships with KD Pharma, Unilever, and BP to enhance its omega-3 and biofuels platforms. The company also invested in upgrading and expanding its 2,4-D production in Laverton, Australia, to maintain a sovereign manufacturing capability.While revenue and profit in crop protection were below the prior year, Nufarm saw strong growth in Asia and success with new product introductions, which contributed over 15% of revenue. The company continues to advance its seed technologies platforms, including a strong result in hybrid canola in Australia and $50 million in omega-3 canola revenues.Looking ahead, Nufarm has made a pleasing start to FY25, with strong demand for crop protection products and progress on cost savings and inventory reduction initiatives. The company expects to achieve $100 million in omega-3 revenue in FY25 and is well advanced in plans for planting carinata in South America.Nufarm's management performance measures are focused on EBIT, average net working capital, and return on funds employed, with the aim of improving financial returns and funding the company's growth platforms.

Nufarm expects to achieve $100 million in omega-3 revenue in FY25, subject to market pricing. The company is also on track to achieve $50 million in annualized cost savings, with the full impact expected to be realized in FY26.

Nufarm has made a pleasing start to FY25, with strong demand for crop protection products and progress on cost savings and inventory reduction initiatives. The company is well advanced in plans for planting carinata in South America for its 2025 crop and expects net working capital at the half year to be marginally higher than the prior year, mainly due to additional working capital for its omega-3 platform and currency movements.