Total Produce has announced healthy pre-tax profits in its group half-year results.
The produce multi-national said it has increased earnings by 10.2 per cent and profit before tax, adjusted to exclude acquisition related items, reached €28.2 million, up by 13.7 per cent for the six months to 30 June 2013.
Other highlights were revenue up by 18.8 per cent to €1.7 billion, which includes revenue from joint ventures and associate companies.
Carl McCann group 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.”
McCann added that trading conditions were satisfactory and that the group is revising its full-year earnings target into the upper half of the range between eight to 8.8 cent per share. He also announced an interim dividend of 0.6095 cent per share, an increase of 7.5 per cent.
Denis Punter, executive chairman of Total Produce UK, said the results were pleasing but that there was some frustration in the UK. He added: “The interim results show a very good performance and demonstrate the robustness of the business and its investment into different markets. The UK has had a good performance but we are slightly disappointed in that the slow spring has had an impact. Our business is heavily into soft and stone fruit and the delays in Spain and in the UK starting [the season] have taken some of the shine off what would have been an even better start to the year.”
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