Food group Total Produce has announced first-half pre-tax profits of €21.7 million, up 5.5 per cent on the €20.6 million declared for the same period a year earlier.
The fruit, vegetable and flower distributor, which was spun out from Fyffes in 2006, said adjusted earnings per share rose 1.5 per cent to 4.12 cent, as against 4.06 in the prior year.
Revenues, including the group's share of joint ventures, rose 1.7 per cent from €1.31 billion to €1.33 billion while group revenue rose 2.3 per cent from €1.17 billion to €1.20 billion.
Adjusted pre-tax profits reached €25.3 million, up 3.8 per cent on the €24.3 million for the same period a year earlier.
Adjusted Ebitda (earnings before interest, tax, depreciation and amortisation) totalled €27.1 million, up 2.9 per cent on the back of currency fluctuations and a strong performance in its core fresh produce division.
The group’s said the fresh produce division performed well despite a slow start due to abnormal weather conditions throughout much of Europe in the first quarter.
Revenue increased by 3.2 per cent to €1.29 billion assisted by the strength of Swedish Krona and Sterling, which led to higher translation values of non-euro revenues. Revenue was up 0.7 per cent on a constant currency basis, while like-for-like volumes were marginally ahead with average selling prices unchanged. Adjusted Ebitda in the division grew 7.8 per cent to €27.3million.
Total's consumer goods and healthfoods distribution division continued to be affected by adverse trading conditions in that sector. Revenue decreased by €18 million in the first-half to €41 million, with a net adjusted Ebitda loss of €100,000 compared to a contribution of €1 million for the equivalent period in 2009.
The group’s interim dividend is unchanged at 0.54 cent per share
"After a slow start to the year due to unusually cold weather throughout Europe, demand for the Group’s produce recovered with the group also benefiting from favourable currency translation movements, said company chairman Carl McCann.
"Total Produce is pleased to confirm that, assuming current trading conditions continue, it is now targeting adjusted earnings per share towards the upper end of its annual target range of 5.5 to 6.5 cent per share,” he added.
