Profit Dip For Total Produce Despite Revenue Growth
Published on Sep 5 2012 1:57 PM in Fresh Produce
Irish fresh produce provider, Total Produce, has reported revenue growth of 5 per cent, to €1.4 billion in its interim first half results.
The group saw a 6 per cent drop in pre-tax profit before tax in the period, to €20.4 million but would have seen an increase of 6.2 per cent, excluding acquisition-related intangible asset amortisation.
The company’s core business, fresh produce saw revenues in the Eurozone division decrease by 0.9 per cent, with 2 per cent growth in its Northern European segment, reaching €327m million.
Reported revenue in Total Produce's UK division was down 2 per cent. Although volumes remained stable, there was a decline in average prices.
The group's Healthfoods & consumer Products Distribution Division was boosted by a revenue surge of 32 per cent.
Total Produce was busy in the first half of the year, making investment's of over €20 million. Earlier this year it acquired a 50 per cent stake in Dutch group Frankort & Koning for €15 million. The group also increased its holding in Capespan Group Limited, a leading South African produce company, to 25.3 per cent. Total Produce chief executive Carl McCann said the company will “continue to actively pursue further investment opportunities. ”
Total Produce operates 90 facilities in 19 countries and is the leading fresh produce provider in Ireland, Spain, Sweden, Denmark, the UK, and the Czech Republic. (5 Sept)
© 2012 - ESM: European Supermarket