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.
