Cashing in on Australia's Avocado-on-Toast DivideBy
Avocados -- specifically when smashed and served by a hip cafe on toast -- have become a hot topic in Australia, amid suggestions forgoing brunch would put millennials on the path to buying their own house.
Home economics aside, with a plate of “avo on toast” in inner-city Sydney nearing $20 ($16), the youngsters may be better advised to take their cash to the source. Shares of Costa Group Holdings Ltd., Australia’s largest horticulture company, surged to a record Thursday, bringing its gains in 2017 to more than 50 percent, well ahead of the benchmark.
Costa bought two avocado orchards in the nation’s Queensland state over the past 12 months, part of its ambitions to make the fruit available to Australian consumers year-round. It’s already paying off, with sales of avocados and berries driving profit to more than double in the 2017 fiscal year.