Select Harvests 2024 Business Update

Select Harvests Limited (ASX: $SHV) has provided a business update, announcing that the 2024 harvest has commenced two weeks earlier than usual. Managing Director David Surveyor forecasts the 2024 crop to be in the range of 28,500 MT and 30,000 MT, potentially making it one of the largest crops in the company's history.

Executive Commentary on 2024 Business Update

The 2024 harvest has started earlier than expected due to favorable growing conditions, and we are on track to achieve one of the largest crops in our history. The quality metrics have improved, and we anticipate a good quality profile of inshell and kernel grades, which will support pricing. Despite wetter conditions over the latter part of harvest, we are entering the final stages of the 2024 crop harvest, and the efficiency drive has compressed the harvest period to an estimated 12 weeks in total.

Summary of 2024 Business Update

Select Harvests anticipates the 2024 crop to be one of the largest in its history, with a forecasted range of 28,500 MT and 30,000 MT. Market conditions indicate reduced shipments for both export and US domestic markets, impacting demand levels. However, the company's 2024 sales program is well underway, with approximately 28% of allocated export volumes contracted at attractive pricing levels. The company's cost reduction actions have made a positive impact, and total 2024 crop production costs are forecast to be lower than last year. Despite the departure of Chief Financial Officer Brad Crump, the company remains committed to delivering value to stakeholders and maintaining the highest standards of financial governance and transparency. Looking ahead, the company is focused on growing, processing, and selling almonds as efficiently as possible.