Total Produce has announced strong growth in both revenue and earnings as part of its preliminary results for the full-year of 2015.
The group saw revenue jump 10.4 per cent year-on-year to €3.45bn, while earnings before interest, taxation, depreciation and amortisation climbed 13.4 per cent to €82.8m.
Adjusted profit before tax came in 13.3 per cent higher at €58m, the Total Produce said.
In the group's operating review, it noted that trading conditions had normalised in 2015 with average prices increasing, after the initial impact of the Russian ban on European produce and strong European domestic production which led to excess supply in 2014.
The acquisitions that Total Produce had completed throughout the past two years had positively contributed to growth, it noted, as had positive currency translation.
In his yearly summary, chairman Carl McCann highlighted the company's recent moves to extend its North American reach, and confirmed that Total Produce would continue to look for suitable acquisitions.
“Total Produce has delivered a very strong performance in 2015,' said group chairman Carl McCann. 'Total revenue has grown 10.4 per cent to €3.45bn with a 12 per cent increase in adjusted earnings per share to 10.58 cent.
'In February 2015, the Group increased its presence in North America with a 50 per cent investment in Gambles, a fresh produce company in Toronto with reported sales of C$170m,' he continued. 'Post year-end, the Group has continued its growth in North America with the acquisition of a 65 per cent interest in Progressive Produce based in Los Angeles with annual sales of US$200m.
'The Group continues to actively pursue further investment opportunities and is targeting adjusted earnings per share for 2016 in the range of 10.5 to 11.5 cent per share.”
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