0134 GMT [Dow Jones] Nufarm (NUF.AU) reports ongoing success in its long-term business strategy to reduce dependence on glyphosate and move revenues toward non-glyphosate sales, which in FY11 are forecast to account for 75%-80% of total sales, rising from 60% in FY08. Revenue share from glyphosate drops to around 20%-25% from 40% over the same period after commoditization of glyphosate over recent years slammed Nufarm profits, driving accelerated growth into higher value and more defendable products and market segments, such as other herbicides, insecticides and fungicides. Nufarm also says it's nearing completion of a A$300 million receivable securization facility and has started talks with lenders to refinance other debt. NUF is up 2 cents at A$4.50. ([email protected])
NUF Price at posting:
$4.49 Sentiment: Buy Disclosure: Held
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