The net profit after tax result announced this morning is an increase of $37.2m on the previous year.

AWB Limited chairman, Peter Polson, described it as a "strong result, particularly in light of commodity price volatility, variable weather conditions and regulatory change".

"The full year result was pleasing in a challenging environment and structural reform of the company over the past 12 months ensures the company is well positioned for future growth," Mr Polson said.

"We have reformed the structure of the AWB Group with a new commercial governance structure, new Board and improved risk framework.

"We have also been successfully managing legacy issues with three US class actions being dismissed, although one of those dismissals is under appeal."

A fully franked interim dividend of five cents per share will be paid, bringing the full-year dividend to nine cents per share fully franked.

Singificant features of the annual report released today are:

• revenue increased 47pc to $6.8 billion;

• EBITDA was up 32pc to $228.5m;

• profit before tax and before significant items increased 25pc to $117.3 million; and

• earnings per share was 18.5 cents, up 137pc on the previous year.