Glencore's performance recovered to record levels late last year, helped by a "significantly increased contribution" from its agricultural commodities division – and just in time for an expected flotation.

The commodities trading and production giant reported revenues up 36% to $145.0bn last year.

Earnings jumped 39% jump to $3.80bn, with the contribution from the October-to-December quarter, at $1.26bn, particularly strong.

"This performance is in line with the average quarterly result we achieved in the record year of 2007, prior to the onset of the global slowdown," Glencore said.

The Swiss-based group, which employs more than 57,000 people in 40 countries, said that its metals operations made the biggest boost to results, benefitting from "stronger metals prices, and improving market sentiment in important end-user industries such as automotive and construction".

However, the company also singled out its farm commodities operations, which stretch from elevators in Poland to oilseed crushing plants in Brazil to direct farming operations on some 270,000 hectares of Australian, Black Sea and South American land.

"The agricultural products segment produced a significantly increased contribution in 2010 compared to 2009, supported by tight and dislocated market conditions resulting from unusual weather conditions in key export markets such as Russia, Ukraine and Australia," Glencore said.

Flotation ahead? 

The full-year results could be the last that Glencore publishes as a private company, with the group expected to gain a stock market listing this year.

Investors view flotation as Glencore's most likely route to the stockmarket, although there has been speculation of a merger with Xstrata, the London-listed miner in which Glencore holds a 34% stake.

Glencore, which Liberum Capital analysts have valued at $60bn, is reported to be considering the flotation of 20% of it shares, potentially through a joint listing in London and Hong Kong.