Leading European fresh produce company Total Produce has outlined what it has described as a strong set of results for the first half of 2012, with revenue increasing and operating profit remaining flat.
Total revenue for the six months ended 30 June climbed 5 per cent to €1.4bn, with group revenue up slightly by 0.2 per cent to €1.214bn.
Operating profit remained stable year-on-year at €23.8m, while adjusted profit before tax jumped 6.2 per cent from €23.7m to €25.1m.
The group's core fresh produce sourcing division saw revenue climb 4.2 per cent to €1.3bn, helped by satisfactory trading conditions and a strong performance in northern Europe, offset by weaker conditions in certain eurozone locations.
'Total Produce delivered a strong performance for the first half of 2012 with a 6.7 per cent increase in adjusted earnings per share to 4.48 euro cent assisted by the positive contribution of acquisitions in the past 12 months,' noted chairman Carl McCann.
'We are pleased to report that the group has concluded over €20m of investments in the first half of 2012,' he continued. 'The largest investment was the acquisition of 50 per cent of Frankort & Koning in the Netherlands. The group has increased its shareholding in Capespan Group Limited, the leading South African produce company to 25.3 per cent. We continue to actively pursue further investment opportunities.'
