Ricegrowers Limited provided earnings guidance for the first quarter and full year of fiscal year 2024. The strong momentum from the second half of fiscal year 2023 has continued into the first quarter of financial year 2024. Group revenue growth in the first quarter of fiscal year 2024 has been supported by a number of favorable conditions that are anticipated to continue throughout fiscal year 2024.

These include the positive effects of cycling annualized price increases from fiscal year 2023; additional price reviews in fiscal year 2024; further international expansion; and a weakening Australian dollar, which is supporting Australian rice exports. Most of these factors are also driving an improvement in Group profitability in fiscal year 2024, further supported by improvements in shipping conditions and costs and the ongoing recovery of CopRice.