Wednesday 20 September 2017

Total Produce sales rise to over €1.7bn while pre-tax profits stay flat

Carl McCann, chairman of Total Produce. Photo: Mac Innes Photography
Carl McCann, chairman of Total Produce. Photo: Mac Innes Photography

Sales at Irish fruit and vegetable company Total Produce jumped by almost 10pc in the six months to the end of June to over €1.7bn.

In its half year results published this morning the firm said its total revenue was €1.73bn, compared to the €1.59bn recorded for the same period in 2014.

Earnings before all deductions for the period were €42.6m, up from €38.1m in 201, while the company’s operating profit rose from €24.5m to €27.2m.

Pre-tax profits were flat year-on-year at €24.2m.

Adjusted earnings per share jumped by over 11pc from 4.97 cent to 5.52 cent. The interim dividend for the first half of 2015 stood at 0.736 cent compared to 0.640 cent in 2014.

Chairman Carl McCann said that the company has “delivered a very strong performance for the first half of 2015.”

“A stronger operational performance and recent acquisitions contributed to this earnings growth,” he said.

“The Group is pleased to announce a 15% increase in the interim dividend to 0.736 cent per share. The Group 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."

Earlier this year Total Produce bought 50pc of Canadian fresh food maker the Gambles Group.

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