Fresh produce grower-importer Total Produce has today announced that profit before tax increased by 5.5 per cent during the first half of 2010, up to €21.7m from the €20.6m recorded last year.
The Ireland-based group said that revenue including the group's share of joint ventures and associations rose 1.7 per cent to €1.33bn through the first six months of the year, boosted by a strong performance in the group's core fresh produce division despite 'difficult' weather conditions.
Revenue in the fresh produce sector jumped 3.2 per cent to €1.3bn assisted by the strength of the Swedish krona and the sterling, leading to higher translation values, with revenue up 0.7 per cent on a constant currency basis.
Adjusted earnings before interest, taxation, depreciation and amortisation grew 2.9 per cent to €27.1m from €26.3m last year, Total Produce said, while net debt was lowered to €71.8m from €82.3m for the same period of 2010.
'Total produce has delivered a solid performance in the first half of 2010 with an increase of 1.5 per cent in adjusted earnings per share to 4.12 cent per share,' said group chairman Carl McCann. 'After a slow start to the year due to unusually cold weather throughout Europe, demand for the group's produce recovered with the group also benefiting from favourable currency translation movements.
'The group's interim dividend is unchanged at 0.54 cents per share,' he added. 'Total Produce is pleased to confirm that, assuming current trading conditions continue, it is now targeting adjusted earnings per share towards the upper end of its annual target range of 5.5-6.5 cents per share.'
