Recent Acquisitions Drives Total Produce Revenue Above €3bn
Published on Mar 6 2014 4:27 PM in Fresh Produce
The fresh produce giant Total Produce this week reported higher profits and revenues for 2013 on the back of some high profile acquisitions.
Total's revenue for the year rose by 13% to €3.2 billion and adjusted pre-tax profits increased by 12.5% to €52.9 million. Operating profit before exceptional items increased 12.1 per cent to €46.9 million, compared to €41.8 million in 2012.
Chairman Carl McCann, said: “Total Produce has recorded a strong performance in 2013 with total revenue increasing and adjusted earnings per share increasing by 10.5% to 8.77 cent per share.
“The group’s growth is primarily driven by successful acquisitions completed in recent years, including the investment in Oppenheimer in North America.
“We are also pleased to announce a 10 per cent increase in the final dividend to 1.66 cent per share. The group actively continues to pursue further investment opportunities and is targeting adjusted earnings per share for 2014 in the range of 8.4 cent to 9.4 cent per share.”
The biggest deal that Total Produce involved itself in over the psat few years was the purchase of a 35% interest in the Oppenheimer Group in January 2013. In December, the group completed the acquisition of a 41% shareholding in Provenance Partners taking its interest to 50%.
The company, which is headquartered in Dublin, has recommended an increase of 10% in its final dividend to 1.66 cent per share.
© 2014 - European Supermarket Magazine by Enda Dowling
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