Total Produce records strong earnings growth

Total Produce's profit before tax increased by 19.1% in 2012 to reach €47.3 million
Total Produce's profit before tax increased by 19.1% in 2012 to reach €47.3 million

Total Produce still in acquisition mode as earnings rise in 2012.



12 March 2013

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Fresh produce supplier, Total Produce, has announced strong preliminary results for the year ended 31 December 2012, with revenue up 11.2% to reach €2.8 billion.

The group’s profit before tax increased by 19.1% to reach €47.3 million, while adjusted earnings before interest, taxes, depreciation and amortization likewise increased by 17.8% to €70.4 million.

Total Produce’s adjusted EBITA meanwhile increased by 21.4% to €54.6m, while adjusted earnings per share (EPS) rose by 12.0% to 8.11 cent.

Commenting on the results, Carl McCann, chairman, said: "The group is very pleased with its performance in 2012 having recorded strong growth of 12% in adjusted EPS.

He described trading conditions since the start of 2013 as "satisfactory".

"The group’s activities are well diversified across Europe and, more recently in North America and Africa," said McCann.

"During 2012, Total Produce acquired shareholdings in a number of companies, including Oppenheimer in North America, Frankort and Koning in the Netherlands and Capespan in South Africa. With the benefit of these and other transactions, the group is targeting adjusted EPS for 2013 in the range of 8.0 to 8.8 cent per share."

He added that the group’s 12% increase in the final dividend, when taken together with the interim dividend represents an overall increase of 10% in the full year dividend.

"The group continues to actively pursue further investment opportunities," added McCann.



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