Total shares grow with profit jump
Published 04/03/2011 | 05:00
SHARES in Total Produce jumped nearly 4pc yesterday after the company reported a jump in annual profits.
The fresh produce provider said adjusted profit before tax rose 7.7pc to €2.6m on the back of €43.2m revenue. Those numbers meant adjusted earnings per share increased to 6.84c.
The group pointed to growth driven by improved performance in the second half of the year, which saw a rebound in sales and favourable exchange rates.
Total had strong results in eurozone and Scandinavian fresh produce divisions, particularly in continental Europe, but the UK business had a "challenging year", the company said.
That was due mainly to poor weather in the first quarter and "difficult" trading conditions on the wholesale side. Even with a favourable sterling to euro exchange rate, earnings before interest, tax and amortisation fell by a third to €4m, mainly due to lower margins and rationalisation costs.
Fyffes chairman Carl McCann said the company expects to produce adjusted earnings per share of between 6.5c and 7.5c.
By close of trading Total was one the best performers on the Irish market, up 4.63pc at 45c.