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Carl Collen


Total Produce raises earnings target

Group says "satisfactory" opening four months of 2016 have pushed earnings target into upper half of forecast

Total Produce raises earnings target

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Total Produce has confirmed that due to "satisfactory" trading during the first four months of the year, it is raising its full year adjusted earnings per share target into the upper half of the previously announced 10.50 cent to 11.50 cent range.

Since the beginning of 2016, the group has completed the acquisition of a 65 per cent shareholding in Los Angeles-based Progressive Produce, as well as a number of smaller acquisitions.

The Group also completed a €20m share buy-back programme on 27 January 2016 and may purchase Total Produce shares in the market as appropriate, subject to the annual shareholder approval at its general meeting today (25 May).

Subject to shareholder approval, a final dividend of 2.027 cent per share will be paid on 26 May 2016 representing a 15 per cent increase on last year.

"Total Produce is in a strong financial position and continues to pursue attractive acquisition opportunities to further expand the Group," the company noted.

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