Total Produce has announced an increase of seven per cent in revenue last year to almost €2.6 billion despite a tough year in the UK.
The fresh produce distributor saw pre-tax profits rise 18.4 per cent to €33.6 million for the year to 31 December 2010, compared to €28.4m in 2009.
Adjusted earnings per share increased 5.7 per cent last year to 6.84 cent. Total Produce said it was targeting an adjusted earnings per share in the range of 6.5 to 7.5 cent for 2011.
The company said its fresh produce operations in the euro zone region and Scandinavia were strong but that its UK division had a challenging year because of poor weather at the start of 2010.
It attributed problems in the UK to poor weather in the first quarter of the year and difficult trading conditions in the wholesale market.
Revenue in the consumer goods and health foods distribution division was €82m, down 23 per cent, which the firm said reflected continued difficult trading conditions in this sector.
Total Produce chairman Carl McCann said: “Total Produce delivered a good 2010 performance with a 5.7 per cent increase in adjusted earnings per share to 6.84 cent per share. This result reflects the strength and broad base of the group’s operations against a background of tougher economic conditions in certain locations.
“The group is targeting 2011 adjusted earnings per share in the range of 6.5 cent to 7.5 cent per share. It has a strong financial position and continues to actively pursue acquisition opportunities.”
Property impairments amounted to a net charge of €2.3million last year, down from €4.8 million in 2009. The group also completed a buy back of 22 million of its own shares at a cost of €8.7 million.
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