On Wednesday, agricultural chemical company Nufarm (ASX: NUF) announced its FY2017 half year results, with revenue up 15% on the previous corresponding period and underlying earnings before interest, tax and amortisation (EBITDA) also up 15% to $128.7 million. Despite tough operating conditions, Nufarm benefitted from new product launches, market share gains, a reduced cost structure and improved cash generation which continues to generate improved returns for shareholders. We believe that an improved balance sheet also gives scope for Nufarm to look for acquisitions globally due to recent consolidation activity in the sector. Shares in Nufarm closed up 5% for the week. We own Nufarm as a research-driven investment in WAM Capital, WAM Leaders and WAM Research.