Peaches and cream for Total Produce, revenue up 18.8%

Fruit and vegetable distributor Total Produce has reported a big increase in revenues and a jump in earnings for the six months to the end of June driven by its overseas expansion drive.

It recorded a good first half performance with an 18.8 per cent increase, €1.66bn, in revenue, as adjusted pre-tax profits increased by 13.7 per cent to €28.2m.

Continued overseas expansion and satisfactory market conditions underpinned the continuing strong trading performance in 2012 extending into 2013, it noted.

The company said its interim dividend increased by 7.5 per cent to 0.6095 cent per share.

Expansion

During the six-month period, Total Produce expanded into the North American market with a deal to buy 65 per cent of the Oppenheimer Group. It will initially buy 35 per cent of the firm with a commitment to buy another 30 per cent in 2017.
Commenting on the results, Carl McCann, chairman said: “Total Produce has continued to deliver good results in 2013 with an 18.8 per cent increase in revenues and a 10.2 per cent increase in earnings. The Group’s strong performance is driven by its overseas expansion programme.

“The Group expanded into the North American Market in January 2013 with an agreement to acquire 65 per cent of the Oppenheimer group, 35 per cent initially with a commitment to acquire a further 30 per cent in 2017.

“Trading conditions are satisfactory and the Group is revising upwards its full year earnings target into the upper half of the range between 8.00 to 8.80 cent per share. The Group is pleased to announce a 7.5 per cent increase in the interim dividend to 0.6095 cent per share.”

In its results statement, the company said that trading conditions are satisfactory and so it is revising upwards its full year earnings target into the upper half of the range between 8 to 8.80 cent per share.FREE PICTURE

 Total Produce chairman Carl McCann 

 

 

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