Brief: Incitec Pivot Confirms Overall Financial Performance Remains Broadly In Line With Outlook

Dyno Nobel

11/09/2023 08:29

Sept 11 (Reuters) - Incitec Pivot Ltd  IPL.AX :
    * CONFIRMED OVERALL GROUP FINANCIAL PERFORMANCE REMAINS
BROADLY IN
LINE WITH OUTLOOK THAT WAS PREVIOUSLY PROVIDED IN MAY
    * GLOBAL DYNO NOBEL EXPLOSIVES BUSINESS IS PERFORMING AHEAD
OF
EXPECTATIONS
    * INCITEC PIVOT FERTILISERS BUSINESS PERFORMANCE IS BELOW
EXPECTATIONS
    * SEES FY23 EARNINGS IN DISTRIBUTION BUSINESS EXPECTED TO BE
AT
LOWER END OF USUAL RANGE OF A$40M-A$60M
    * DECIDED TO PRIORITISE MAINTENANCE WORK IN FY23
    * MAINTENANCE ACTIVITY WILL REDUCE VOLUME OF ACID BEING
SUPPLIED
TO PHOSPHATE HILL FACILITY
    * IPL CONFIRMS THAT IT IS CONTINUING TO PURSUE A POTENTIAL
SALE OF
ITS FERTILISERS BUSINESS
    * FY23 EBIT IMPACT FROM CIRCA 30KMT REDUCED PRODUCTION IS
EXPECTED
TO BE IN RANGE OF A$13M-A$15M
    * CONFIRMS THAT IT IS CONTINUING TO PURSUE A POTENTIAL SALE
OF ITS
FERTILISERS BUSINESS
    * REMAINS COMMITTED TO COMMENCING PREVIOUSLY ANNOUNCED
ON-MARKET
SHARE BUYBACK AS SOON AS POSSIBLE
    * EXPECTS EBIT IMPACT FROM SOURCING SHORTFALL GAS FOR FY23
TO BE
AT THE LOWER END OF THE  A$75M-A$90M RANGE PREVIOUSLY ADVISED
    * BUYBACK WILL NOT COMMENCE WHILE A POTENTIAL SALE PROCESS
IS IN
PROGRESS

Source text for Eikon:  ID:nASX4LM5GS 
Further company coverage:  IPL.AX 

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