Total Produce posts higher half yearly revenues and profits
The company said its revenues for the six month period rose by 9.2% to €1.73 billion, while adjusted profit before tax increased by 11.5% to €30.3m.
The company said that a stronger operational performance, the benefit of recent acquisitions and to a lesser extent currency translation all contributed to the earnings growth.
In February, the company completed its fourth investment in North America with a 50% investment in Gambles, a fresh produce company based in Toronto.
The company today also announced a 15% increase in the interim dividend to 0.736 cent per share.
Total Produce chairman Carl McCann said that the company is now targeting increased full year earnings at the top end of the previously announced range of 9.2 to 10.2 cent per share.
Revenues in Total's Europe - euro zone - division includes its businesses in France, Ireland, Italy, the Netherlands and Spain. Revenue increased by 4.7% in the six month period to €833m with a 10.2% increase in adjusted EBITA to €12.2m.
Its Europe - non-euro zone - division saw revenue increasing by 5.4% to €767m with adjusted EBITA increasing by 8.3% to €18.8m with stronger operational performances in the UK and in Northern Europe. The division includes the Czech Republic, Poland, Scandinavia and the UK.
Total Produce's international division includes its businesses in North America and India. Revenue in the division increased to €158m with adjusted EBITA increasing to €2.5m (2014: €1.8m) with the positive impact of recent acquisitions.
Source: www.rte.ie