Nufarm chairman Donald McGauchie says the worst is over for the troubled agricultural chemicals supplier after a full-year earnings guidance downgrade, a global collapse in prices of the herbicide glyphosate and the loss of important distribution contracts.
Shares in the group have been on the rebound since falling to an 18-month low in late March when Nufarm downgraded its full-year profit outlook on poor weather and analysts cut the group's earnings estimates.
This year the group lost the exclusive rights to distribute weedkiller Roundup in Australia, while it also lost out when global chemicals giant BASF moved to distribute its range of crop protection products in the local market directly.
Mr McGauchie said the worst was now over for the company. "Oh, yes, I am absolutely certain of that, absolutely certain of it," Mr McGauchie told The Australian.