Total Produce delivers 'solid' performance

Total Produce has announced revenue of €1.33 billion and pre-tax profit of €21.7 million for the first six months of 2011.

The figures match those reported for the year-earlier period and the group's interim dividend of €0.54 is also the same as in 2010.

It also increased its share in South African-based fruit exporter Capespan in the period.

Chairman Carl McCann said: "Total Produce has delivered a solid performance, despite the temporarily difficult trading conditions in certain markets within continental Europe.

"We are also pleased to report that Total Produce has concluded a number of bolt-on acquisitions since the end of the half year for a total investment of €14m. This includes increasing its shareholding in Capespan Group Limited, the leading South African fresh produce company."

In the eurozone, Total Produce's adjusted EBITA slipped €1.8m to €13m, but the strong Swedish krona helped adjusted EBITA up €0.3m to €9m in Scandinavia.

Improved trading margins sent the UK division's adjusted EBITA up €0.9m to €3.5m, while the rest of the world's figure fell €0.3m to €2.2m.

McCann added: "The group continues to actively pursue further investment opportunities in both new and existing markets."

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