Shares in food production company with interests in water and walnuts, Webster Limited Fully Paid Ord. Shrs (ASX: WBA), were up 1.4% to $1.70 at the time of writing off the back of the release of its half-year results.
Webster reported NPAT of $3.8 million, with revenue at $47.9 million reflecting improved yields and pricing in cotton, partially offsetting lower-than-expected yields in walnuts.
Webster has been focused on diversifying and strengthening its asset base during the half, with acquisitions such as a Sandy Valley almond property in NSW and a greenfield development being added to the books during the period.
The $606 million market cap company has seen decent share price gains in the last 12 months, with today’s price up from $1.39 at this time last year and continued growth looking likely as the company balances development and operations nicely.
Peers in the space include almond producer Select Harvests Limited (ASX: SHV) which printed a 52-week high on May 18 with a closing price of $6.92, before dropping back slightly to $6.81 at the time of writing.
Both still have a way to go before they reach the heights of agricultural players like Nufarm Limited (ASX: NUF) and Ruralco Holdings Ltd (ASX: RHL), but Webster and Select are both certainly getting some runs on the board at present which signals good things will continue.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.