Brief: Select Harvests Sees 2023 Almond Crop Volume Lower Than Previously Forecast

Select Harvests

12/05/2023 02:30

May 12 (Reuters) - Select Harvests Ltd  SHV.AX :
    * 2023 ALMOND CROP VOLUME IS EXPECTED TO BE LOWER THAN
PREVIOUSLY
FORECAST
    * CLIMATIC CONDITIONS HAVE MATERIALLY IMPACTED 2023 CROP
WITH COLD
AND WET WEATHER
    * EARLY INDICATIONS ARE THAT 2024 CROP IS ON TRACK TO RETURN
TO
NORMAL YIELDS
    * LOWER VOLUMES ACROSS WEIGHBRIDGE IN ADDITION TO LOWER
CRACK-OUT
RATES, HAVE REDUCED 2023 CROP VOLUME FORECAST TO 17,500MT
    * 2024 GROWING PROGRAM COMMENCED, EXECUTING A FULL
HORTICULTURAL
PLAN
    * EXPECTS 2024 CROP TO DELIVER IMPROVED YIELDS IN A
FAVOURABLE
PRICING AND COST ENVIRONMENT
    * INCREASED FORECAST NET AVERAGE PRICING FOR 2023 CROP TO BE
IN
RANGE OF A$7.40 - A$7.80/KG
    * EXPECT FINANCIAL IMPACT OF VOLUME DOWNGRADE LIKELY TO BE
PARTLY
OFFSET BY RECENT INCREASES IN ALMOND PRICES, AMONG OTHERS
    * ASSUMING RETURN TO MORE NORMAL WEATHER CONDITIONS, EXPECT
YIELDS
FOR 2024 CROP TO BOUNCE BACK TO 2021/2022 LEVELS
    * WILL BE RECOGNISING AN ESTIMATED FULL YEAR LOSS RESULTING
FROM
REDUCED FORECAST 2023 CROP WITHIN HALF YEAR RESULT
    * NO LOSS (OR PROFIT) FROM 2023 CROP WILL BE RECOGNISED IN
SECOND
HALF

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