Select Harvests FY24 financial results

Select Harvests (ASX:SHV) announced its financial results for the year ending 30 September 2024, showing a substantial increase in revenue and a return to profitability. The company reported a 63.7% rise in revenue to AUD 337.3 million and a net profit after tax of AUD 1.5 million, a major improvement from the previous year's loss.

Select Harvests FY24 performance and outlook

Select Harvests Limited experienced a robust financial recovery in FY24, with revenue surging by 63.7% and a return to net profitability. The company attributes this success to increased almond supply, enhanced processing capabilities, and strategic actions aimed at efficiency. Despite not declaring any dividends, Select Harvests focused on strengthening its financial position through an AUD 80 million capital raising. The company improved its processing capacity and increased external grower volumes significantly. Global almond market conditions, including reduced supply from California, positively impacted profitability. Select Harvests continued its commitment to sustainability, aligning with global goals and improving environmental practices. Looking forward, the company aims to build on this momentum, leveraging favorable market conditions and operational improvements to sustain growth and resilience.

Executive commentary on financial performance

The increase in revenue and return to profitability reflects our strategic initiatives and improved almond supply. Our focus remains on maximizing returns and operational efficiency.