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Select upbeat after tough 2016/17

Australia's biggest almond grower, Select Harvests, is upbeat about growth and shareholder returns after turning around from a disappointing result last financial year.

At the company's annual general meeting on Friday chairman Michael Iwaniw said with global consumption of almonds increasing and prices firming, shareholders can expect improved returns over the next few years.

"The board expects to return to paying a full year dividend again in FY18," Mr Iwaniw said.

Managing Director Paul Thompson said Select Harvests' orchard heath was good even though the 2018 crop had been impacted by frost in some areas, with the resulting impact not year clear.

"This will have no impact beyond this crop," Mr Thompson said.

Select is expecting its 2018 Australian crop to the same or slightly smaller than its harvest in 2017.

Mr Thompson said with underlying global almond consumption growing at 6 to 8 per cent per year the company was well placed.

"We have continued to develop and improve our quality assets including our orchards, our processing facilities, our brands and our people to take advantage of these trends and the accelerating growth of the Asian middle class," Mr Thompson said.

"I am sure shareholders can see we are building a much more resilient business and expect the full benefits of recent investments to progressively kick-in over the next few years."

The company said its 7,490 hectare almond portfolio accounted for about 20 per cent of Australia's almond industry.

Select posted a 73 per cent drop in full-year profit to $9.25 million for 2016/17, with revenue down 15.4 per cent to $242.1 million, after frost, project delays and falling nut prices crunched its bottom line.

Select Harvest shares closed down six cents, or 1.4 per cent, at $4.39.