Australia’s only publically listed almond grower, Select Harvest, has revealed plans to expand it production operations, after posting a net profit of A$29m over the 2014 financial year.
The strong financial performance comes after almond prices rose 33 per cent in the 12 months to 30 June, according to the Australian Broadcasting Commission.
This helped counter a 17 per cent reduction in the company’s crop, while sales of the company’s food brands - which include SunSol and NuVit – rose 25 per cent.
Select Harvest recently moved to purchase three new orchards in South Australia and northwest Victoria, which includes the country’s largest independent almond orchard near Renmark.
Shareholdings in Select Harvest went into a trading halt today (25 August), as the company applied for a major capital rising to help fund its new land purchases.