The Total Produce group has put in a strong performance for 2012 despite Europe still being in the grip of recession.

Annual accounts for the 12 months to 31 December 2012 show that revenue for the whole group rose by 11.2 per cent to €2.8 billion for the year.

Other highlights include adjusted EBITDA of €70.4 million, up by 17.8 per cent and adjusted EBITA up by 21.4 per cent to €54.6m. These figures are adjusted to exclude the group’s share of these items within its joint ventures and associates. And similarly adjusted profit before tax climbed by 19.1 per cent to €47.3m.

Carl McCann, group chairman, said: “The group is very pleased with its performance in 2012 having recorded strong growth of 12 per cent in earnings per share.”

The UK division of Total Produce also put in a strong performance with revenue climbing by 6.1 per cent to €515m. This is attributed to benefit from bolt-on acquisitions completed in past 18 months and the impact of the strengthening of sterling in the year that led to higher Euro revenue on translation.

This was offset by the impact of the divestment of the UK division of Capespan Europe in January 2012. Revenue on a like-for-like basis excluding the effect of acquisitions, divestments and currency translation was up four per cent in the year due to volume and price increases.

Denis Punter, executive chairman of Total Produce UK, told FPJ: “The retail market has been very challenging and our growth has come from the wholesale and wholesale distribution sector with bolt-on acquisitions. We will continue to grow in the retail market but it is a very challenging sector and not easy to perform well in. We feel there is room for growth in wholesale, but it is a lot to do with geography. We are looking for more of the same in 2013 – overall the group results are pretty upbeat and we feel the same. Retail will still be challenging, but we are pretty optimistic.”

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