European fresh produce giant Total Produce has revealed its preliminary results for the year ended 31 December 2012, noting improvements in group revenue, adjusted earnings and profit before tax.
Revenue climbed 11.2 per cent on a year-on-year basis, up to €2.8bn from €2.5bn, attributed to positive contributions from acquisitions completed in the past 18 months, although this was partially offset by the divestment of the group's 50 per cent interest in Capespan Europe.
According to Total Produce, trading conditions in all operating division improved on 2011, with strong performances in both the fresh produce division and the healthcare and consumer products distribution division.
Operating profit before exceptional items climbed 18.7 per cent to €43.2m, with earning before interest, taxation, depreciation and amortisation (EBITDA) was up 17.8 per cent to €70.4m.
'The group is very pleased with its performance in 2012 having recorded strong growth of 12 per cent in adjusted EPS,' noted chairman Carl McCann.
'Trading conditions since the start of 2013 have been satisfactory,' he continued. 'The Group’s activities are well diversified across Europe and, more recently in North America and Africa. During 2012, Total Produce acquired shareholdings in a number of companies, including Oppenheimer in North America, Frankort and Koning in the Netherlands and Capespan in South Africa.
'With the benefit of these and other transactions, the Group is targeting adjusted EPS for 2013 in the range of 8.0 to 8.8 cent per share. The Group is pleased to report a 12 per cent increase in the final dividend which together with the interim dividend represents an overall increase of 10 per cent in the full-year dividend. The Group continues to actively pursue further investment opportunities.'
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