AUSTRALIAN Agricultural Company Ltd says good weather has improved the condition of its herd.

Chief executive David Farley said AACo's key properties in northern Australia had experienced ideal rainfall and weather.

"Herd weight gain to date has been above average thanks to favourable conditions and good grass cover on most of our properties," Mr Farley told shareholders at the company's annual general meeting in Sydney today.

Mr Farley said the conditions provided a great opportunity for AACo to implement the changes to the business outlined in the recently completed strategic review.

Initiatives to emerge from the strategic review, unveiled last month, include the expansion of AACo's cattle trading capabilities, including live exports, as well as expanding its boxed-beef business and launching a new breeding program.

AACo is also looking at reorganising its land holdings to be better align its properties with future business activities.

"I expect to announce the strategic acquisition and disposal of non-core properties in the year ahead," Mr Farley said.

He said AACo was undertaking an "adjustment to its operating culture" to create a more profit and cash focused operating environment.

Acting chairman Nick Burton-Taylor said forecasting earnings in the period ahead was difficult due to the impact of currency movements, mark-to-market valuation on the herd and prices received on physical sales.

"While we maintain control over overheads, the revenue component is challenging to project," Mr Burton-Taylor told shareholders.

But he did say that a new management team and new strategic direction had provided a "sense of optimism regarding the current performance".

Chairman-designate Donald McGauchie was absent for the meeting due to overseas commitments, Mr Burton-Taylor said.

Mr McGauchie will start in the role of AAco director after the AGM, becoming chairman after about three months.

"Donald McGauchie brings a formidable range of skills to the leadership of our company," Mr Burton-Taylor said.

"His extensive commercial experience is well heralded but maybe less well known is his commitment to the agricultural sector and his championing of issues that are aimed at securing its prosperous future in this country."

At 11.15am AEST, AACo stock was up one cent at $1.47.