Incitec Pivot will investigate a sale of its Waggaman ammonia plant in the United States before pushing ahead with a plan to split into two companies, under a pivot that could delay the proposed split by up to a year.

The strategic changes were announced as Incitec reported a 45 per cent rise in full-year revenue, a 580 per cent rise in underlying earnings to $1.01 billion and a tripling of shareholder returns for the full year.