2 Mar 2012

BayWa earnings up

11:26 am on 2 March 2012

German agricultural firm BayWa, which is seeking to acquire a large stake in Turners & Growers, has reported a sharp jump in full year earnings.

In a statement issued before its full financial results are issued, BayWa said says its revenues rose 21% to 9.6 billion euros in 2011.

Pre-tax earnings rose almost 18% to 151 million euros.

The company attributed the improvement to its strategy of targetted growth and internationalisation.

BayWa last year launched a $216 million takeover offer for Turners & Growers and so far, has acceptances giving it almost 72% of the firm.