Total Produce chairman Carl McCann has lauded the group’s “strong performance” for the first six months of the year.
The fresh produce multi-national posted an increase of pre-tax profits of 6.2 per cent to €25.1 million. Turnover for the six months to 30 June, including the company’s share of joint ventures, rose five per cent to €1.4bn, with revenue in the fresh produce division rising 4.2 per cent to €1.3bn.
Trading conditions were described by Total’s directors as “satisfactory”, with a stronger performance in northern Europe offset by weaker conditions in certain Eurozone countries.
However the group’s UK fresh produce division reported revenue falling by 1.4 per cent to €253m following the divestment of the UK division of Capespan Europe in January this year, but that has been offset by the strengthening of sterling and the contribution of bolt-on acquisitions made during the second half of 2011.
McCann said: “Total Produce has 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 cent assisted by the positive contribution of acquisitions in the past 12 months. We are pleased to report that the group has concluded over €20m of investments in the first half of 2012. We continue to actively pursue further investment opportunities. “
The largest investment was the acquisition of 50 per cent of Frankort & Koning in the Netherlands and Total Produce also increased its shareholding in Capespan Group Ltd to 25.3 per cent.
McCann also said the group is raising its interim dividend by five per cent to 0.567 cents per share and is increasing its full-year earnings-per-share target towards the upper end of the range “between 7.0 and 8.0 cent-per share.”
