The fertilizer and chemical company, Incitec Pivot confirms that the company is performing completely in line with the expectations that had been set.

Managing director James Fazzino told shareholders at the fertilizer and industrial chemicals maker's annual general meeting that the group is looking to the future with confidence after a tough year marked by earnings' declines and write downs. He also said that an update of company's ammonium nitrate plant at Moranbah in Central Queensland would be shared before the end of March next year.

Mr Fazzino said that 2010 will be another challenging time for Incitec as the company incurred a $179.9 million loss for fiscal 2009.

"We made progress across a range of areas, ensuring that we came out of the financial and market storms of 2009 better placed to weather the challenges of 2010. In relation to the 2010 year, we normally don't get a strong indication of the likely direction of the year until the second quarter", said Chief Executive James Fazzino.

The firm is still very confident and says that the company has made progress across a range of areas, ensuring that it came out of the financial and market storms of 2009 better placed to handle the challenges of 2010.