good full year result

Underlying EPS 40.1c, an improvement on their previous estimate which I estimated as being about 38 cents per share.

12,000 tonnes of almonds, 200 more than their estimate announced on 22/7/13 and 1,000 more than their estimate in their presentation on 25/6/13.

Final dividend of 9 cents or 12 cents for the full year. This makes me think we will get 18 cents in total next year, allows them to maintain a steady dividend and is roughly a 50% payout ratio.

Older orchards (29+ year old) are being replaced with 170 acres replanted this year and 400 due to be replanted next year. 29 year old trees on average only produce 60% compared to mature trees (from age 7 to 25) and continue to decline as they get older.

This will take 7 years for them to mature although they only make up a small proportion of the company owned orchards and tree density is being improved so the yield per acre should be much better.