2012 results due soon, page-4

Well, some developments today.

First, the profit result. Quite decent I thought, with walnuts clearly becoming driving force behind the company. Well done to management.

Second, the expansion plans. A nut processing plant and a 50% increase in walnut acreage.

I think the processing plant is a good move. I assume it will be fully imported, so timing is good with the strong $A. Labour costs will be the main issue, compared to competitors in countries such as Chile.

The acreage expansion - pretty ambitious in my view - but as long as they keep debt under control (as they plan to, with the rights issue) I'm prepared to back the company.

Overall - thumbs up from me. I'm enjoying watching the transformation of the company - from a docile plodder, with its destiny largely in the hands of others, to a self assured player, with an eye for opportunities.