Tuesday 24 April 2018

Total Produce raises earnings target after strong start to 2016

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

Michael Cogley

Irish fruit and vegetable company Total Produce is raising its earnings target for 2016 following a "satisfactory" opening four months of the year.

In a trading update issued to shareholders this morning, the company said it is upping its earnings per share target into the top half of the previously announced 10.5c to 11.5c range.

Since the start of the year the firm has completed the acquisition of a 65pc shareholding in Los Angeles-based Progressive Produce. Progressive is a grower, packer, and distributor of conventional and organic produce to the retail and wholesale sectors in the US and Canada.

In January Total Produce also completed a €20m share buy-back programme at the end of January and has signalled the potential to purchase shares in the market as appropriate.

The company has also set out a final dividend of 2.027c per share, which is due to be paid on May 26, representing a 15pc increase on last year.

The news comes ahead of the firm's general meeting later today.

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