Total Produce has reported a “resilient performance” in 2009, revealing a small decline of 3.3 per cent for the year while signalling its intentions to acquire more companies in the coming year.
In its annual report, the wholesale giant recorded a total revenue of €2.43 billion (£2.15bn), a decline of 3.3 per cent on the previous year and an increase of 0.7 per cent on a constant currency basis.
The company reported adjusted earnings before interest, tax and amortisation (EBITDA) of €57.1 million, down 5.5 per cent on the previous year - a 1.2 per cent decline on a constant currency basis.
The group invested €8.7m in a number of business interests in 2009 and group chairman Carl McCann said Total Produce remains “committed” to a process of expanding business “both organically by acquisition”.
Some 21 per cent of its business is now made up of UK fresh produce, while eurozone produce accounts for 47 per cent of the business. Scandinavian business, consumer goods, health foods and other fresh produce make up the remainder.
McCann said: “For 2010, the extremely cold weather and heavy snowfall throughout most of Europe have resulted in a slow start to the year, keeping consumers at home and temporarily reducing demand.
“However, Total Produce remains positive about its position as one of the leading fresh produce companies in Europe, with the benefit of a good spread of activities throughout the region… The group is in a strong financial position and continues to pursue attractive acquisition opportunities.”
There were a number of senior management appointments last year. Frank Gernon, who was finance director of the group, was appointed as director of financial strategy and development. Frank Davis succeeded Gernon as finance director and joined the board on 1 August 2009.
The group employs more than 4,000 people in 19 countries.
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