Total Produce chairman Carl McCann hailed a “good performance” in 2010 with fruit and vegetables leading the way as the firm “continues to actively pursue attractive acquisition opportunities”.
The produce giant recorded revenue of €2.6 billion - which represents a seven per cent increase on the previous year - with a strong performance in the group’s core fresh produce division.
In the year, the group invested €31 million in the business including capital expenditure, share buy-backs and investments in new and existing business interests. Net capital expenditure in the year was €14.6m and includes expenditure on expanding the group’s hi-tech facilities in Sweden.
Gross profit at the business increased from €304.6m in 2009 to €323.6m the following year, while pre-tax profit before exceptional items rose from €33.2m to €35.9m.
In the report, the company revealed an in-depth breakdown of its product value. Stonefruit and soft fruit represent its biggest revenue at 16 per cent, with bananas (14 per cent), salad (13 per cent), vegetables and potatoes (12 per cent) and tomatoes (10 per cent) behind.
McCann said in his chairman’s statement: “During the year, thegroup invested €2.9m in a number of new and existing business interests and made €4.8m in referred consideration payments relating to previous acquisitions. The group is in a strong financial position and continues to actively pursue attractive acquisition opportunities.
“Total Produce has over 4,000 people in 19 countries. The continued success of the group is due to the hard work, ability and dedication of our excellent people... I would like to thank all of them.”
The report cited a strong start to its Total Berry business as a key development in 2010.
It has signed an exclusive licensing agreement with Plant Sciences Inc and will launch a range of innovative strawberry, raspberry and blackberry varieties throughout the UK market.
The ultimate goal is to discover and refine varieties of berries, which combine traditional flavour and excellent aroma, with improved yields and increased natural resistance to pests and diseases, making them sustainable for the grower and highly desirable to the consumer.”
Currently, prospective varieties are being screened in collaboration with Total Berry growers. Unique varieties developed from these trial sites became available to Total Berry’s customers as recently as Spring 2011.
No comments yet