Total Produce has posted better first-half earnings than expected, the company demerged from Fyffes at the start of the year revealed today.
For the six months ended June 30, sales revenue growth including joint venture share rose 33 per cent to €1.22bn and operating profit was up 14.8 per cent to €23.5m. Profit before tax and amortisation was 13 per cent up at €21.5m.
Commenting on the results, Carl McCann, Chairman, said: “Total Produce is pleased to report satisfactory results for the first half of 2007.
Following the successful demerger and listing, the company has the resources to expand its business significantly.
The firm’s shares rose six per cent on Wednesday on the news.
Total Produce attributed the revenue rise to unseasonable weather in Europe this spring and summer and acquisitions of Wholefoods Wholesale in July and Redbridge Holdings in January.
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