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Carl Collen


Total Produce ups earnings target

Satisfactory trading through opening months of the year has pushed the 2017 target upwards

Total Produce ups earnings target

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International fresh produce group Total Produce has revealed that "satisfactory" trading through the first four months of 2017 has led to it raising its full year adjusted earnings per share target into the upper half of the previously announced €0.12-€0.13 range.

As previously announced on 2 March 2017, Total Produce purchased a further 30 per cent of the Oppenheimer Group (‘Oppy’) for a consideration of €28.4m (C$39.5m).

In addition to the initial 35 per cent acquired in 2013, this brings Total Produce’s shareholding in Oppy to 65 per cent after a total investment of €43.4m (C$60.6m).

Subject to shareholder approval, a final dividend of 2.2297 cent per share will be paid on 26 May 2017 representing a 10 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 stated.

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