Select Harvests gained 3.11 in the ASX today after giving a positive update on its latest almond crop and securing a majority crop sale.
SHV is one of Australia’s largest almond growers and the country’s leading manufacturer, processor and marketer of nut products, snacks and muesli to the Australian retail and industrial markets, in addition to exporting almonds globally.
Select reported consistent ideal dry harvesting conditions providing its latest crop with high grade quality and an efficient yield.
The company also attributed the success to new horticulture techniques and implementation of new technologies at its Carina West processing plant in Victoria.
Select however reported large costs and adversities relating to water mitigation for crops. As of today, 48 per cent of the crop has been harvested.
Managing Director Paul Thompson says the best news was completing harvest before the Autumn rains and the above-industry standard quality.
“This year’s crop is expected to yield over 10 above industry standards across all regions, and from a quality perspective this is one of our best crops for many years,” Paul said.
“We have invested significantly in our greenfield plantings, horticultural program, risk mitigation strategies, orchard operation technology, processing technology and importantly, our people,” he said.
Over 60 per cent of the crop’s harvest has been committed to sale. The company estimates the average sale price this year to be A$8.40 – A$8.70/kg.
The company operates on harvesting almonds across company owned, leased, managed and joint venture orchards. Select Harvests also processes and sells the products directly to the consumer market.
Known Select almond brands include Lucky, Sunsol, Soland, NuVitality, Renshaw and Allinga Farms. The company also imports other nuts in addition to their sold almond brands.
Select currently sells almonds to the consumer market internationally to supermarkets, health food stores and retailers. Select Harvests represents one of Australia’s largest almond companies.
Select Harvests’ current market cap sits at $611 million, trading shares at $6.64 a e, as of this morning.