Total Produce reports sharp rise in profits, revenues
Total Produce, the fruit distributor spun out of Fyffes, has reported a first-half pre-tax profit that was up 11.5 per cent to €30.3 million from €24.2 million a year earlier.
The group said revenue rose 9.2 per cent in the six months to the end of June to €1.73 billion as against €1.59 billion last year.
Total said it is now targeting full-year earnings at the top end of the previously announced range of 9.2 to 10.2 cent per share.
Operating profit in the first half was up 10.8 per cent compared to €27.2 million cmpared to €24.5 million for the first half of 2014.
Adjusted ebitda (earnings before interest, taxes, depreciation, and amortisation) was up 11.9 per cent to €42.6 million from €38.1 million.
Total reported an 11.1 per cent rise in adjusted earnings per share to 5.52 cent. It said the interim dividend would be increased by 15 per cent to 0.736 cent per share.
Chairman Carl McCann said the latest results benefited from a stronger operational performance and recent acquisitions.
During the period under review, Total completed its fourth investment in North America with a 50 per cent investment in Gambles, a fresh produce company based in Toronto.
Gambles, which was founded in 1989 and employs over 280 staff, offers a wide range of fresh, local and imported produce that is delivered daily throughout Ontario to the retail, wholesale & food-services sectors. In 2014 it reported sales of CAD$170m (€118m).
