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Carl Collen

BY CARL COLLEN

Syngenta posts "resilient" H1 results

The group has reported a slight fall in sales for the first half of the year, with CEO Mike Mack content with the company's resilience

Syngenta posts "resilient" H1 results

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Crop protection specialist and seed developer Syngenta has revealed its results for the first half (H1) of 2009, reporting a decline in sales, net income and earnings per share when compared with the same period of 2008.

During the first six months of the year, sales hit US$6.7bn (€4.7bn), down 9 per cent from the US$7.3bn (€5.1bn) recorded in 2008 as a result of currency movements. At constant exchange rates, sales increased by 2 per cent, with crop protection sales up 1 per cent and seed sales up by 7 per cent.

Net income for the half fell 9 per cent to US$1.4bn (€984m) from US$1.5bn (€1.1bn) last year, the group said, with earnings per share down 7 per cent from US$14.78 to US$15.93.

Commenting on the results, Syngenta CEO Mike Mack said that the results – in the face of rigorous credit management in emerging markets and generally adverse weather conditions during the second quarter – attested to the strength of the group's portfolio and leading market position.

"I am pleased with the resilience of the company's first-half performance in the face of currency and raw material headwinds and the second quarter impact of late spring," said Mr Mack. "For the full year, achieving earnings growth has become more challenging – however, in the second half currency and raw material trends are more favourable and, assuming current supportive conditions in Latin America continue, we are targeting full-year earnings per share close to the record level achieved in 2008.

"We look ahead with confidence," he added. "The fundamental drivers for our industry are unchanged, and we expect the need for increased global food production to result in ongoing demand growth, which our broad portfolio is uniquely placed to capture."

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