Incitec Pivot (IPL) cracks 2 year highs
IPL +3.85%: Shares in the fertilizer & explosives business shot out of the range today, trading to 24 month highs early before giving up most of the gains. The FY21 result was out this morning which saw adjusted EBIT rise 51% to $566m with market leading explosives tech and surging fertilizer prices contributing to a strong 2nd half and a beat at the result. They flagged strong commodity prices with spot ammonia currently more than double last year’s average price. They managed to post the strong growth in earnings despite continued production issues, Incitec are confident these issues are behind them and the WALA plant should run to nameplate capacity this year.