Select Harvests’ shares are blooming after a successful year the nut grower attributes to a bigger than expected almond crop, firmer prices, and the shrewd navigation of an expensive water market.
Shares in the horticultural firm climbed 11.2 per cent to a three-month high of $8.04 in the first 15 minutes of trade on Friday after it revealed a a $53 million full-year profit and revenue of $298.5 million.
A switch to a September financial year-end means prior corresponding period figures were unavailable, but the company announced a fully franked final dividend of 20 cents, up from seven cents at the last full-year result.
The company’s 2019 almond harvest trumped the upgraded forecast Select had set in August, coming in at 22,690 tonnes to beat guidance of between 22,200 to 22,500 tonnes.
AAP
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