Total Produce has increased profits over the past year despite sales being hit across the continent by the E. coli crisis.
In 2011 the company recorded turnover of €2.53 billion, which was a 2.8 per cent fall on the previous year. The company said a longer than anticipated impact of the E. coli scare had affected sales, but this had been offset through currency exchange and a positive contribution from acquisitions in the second half.
The company invested almost €20m mainly in the second half of the year in additional business interests.
Operating profit after exceptionals was €39.1 million, an increase of 5.6 per cent on 2010, while pre-tax profit rose 2.3 per cent to €34.4m.
Another strategic move was to increase its effective shareholding in Capespan Group, from 15.6 per cent to 20.2 per cent. It has since increased this further to 25.3 per cent.
In its Fresh Produce Division, Total Produce invested in two new joint-venture interests along with a number of bolt-on acquisitions. In the consumer goods and healthfoods distribution division, two new business interests were acquired.
Total Produce described the results as "satisfactory".
