Tuesday 23 May 2017

Total Produce eyes further acquisitions as revenue rises to €1.91bn

Carl McCann, chairman Total Produce Plc
Carl McCann, chairman Total Produce Plc
Michael Cogley

Michael Cogley

Revenue at Irish fruit and vegetable company Total Produce increased by 10.4pc to €1.91bn as the firm continued its expansion into the North American market in the first half of the year.

Profit before tax jumped 15.1pc to €34.9m as the business boosted its interim dividend by 10pc to 0.81c per share.

The firm's results were bolstered by the recently acquired Progressive Produce. The North American acquisition was completed in February and Total Produce has welcomed its incremental contribution.

Net debt at the company rose to €95.7m at the end of June, compared to €83.9m at the same time last year.

Total Produce chairman Carl McCann was pleased by the strong start to the year and said the company may be in the market for more deals.

“The group continued its expansion in North America in 2016, acquiring 65pc of Progressive Produce, a company headquartered in Los Angeles. In addition, the group made a number of other investments to complement its existing businesses. The group continues to actively pursue further investment opportunities.

"The group is now targeting increased full year earnings at the top end of the previously announced range of 10.50 to 11.50 cent per share," Mr McCann said.

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