Total Produce has reported a small decrease in profit on last year and declared itself satisfied with its profits to date.

The company reported its profits before tax had fallen to €20.57 million (£18m) from €21.97m last year.

Reported profit attributable to equity shareholders was €12.02m for the six months ending June 30, 2009, down from €12.69m in the corresponding 2008 period.

Adjusted earnings were €14.30m compared to €14.39m in the previous year, while adjusted profit before tax decreased 2.3 per cent to €24.3m from €24.9m a year earlier.

Reporting on its acquisition strategy for the year, the company reported “medium-sized opportunities in Europe” and further possibilities with consideration between €20m and €40m as it looks to capitalise on the current economic environment.

It also announced a goal of doubling revenue to €4 billion while “pursuing alliances and investments with producers worldwide, giving them access to the leading produce company in the EU”.

In a statement it said: “Total Produce remains positive about the fundamentals in its markets and its position as one of the leading produce companies in Europe. [The] group’s activities and income are geographically spread across Europe and are cash generative with a strong balance sheet to support acquisitions. However, the group remains cautious because of uncertainties in external environment.”

It declared the results satisfactory.

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