Fruit and vegetable distributor Total Produce has reported an 18.8% increase in revenue for the six months to the end of June, on the back of its recent expansion drive overseas.
Total Produce said that its revenues rose by 18.8% to €1.7 billion, up from €1.4 billion the same time last year. Pre-tax profits increased by 14% to €22.9 million, up from €20.1 million.
“Trading conditions overall were improved on the same period in 2012 with a strong performance in the Eurozone and Northern Europe offset to a lesser extent by weaker conditions in the UK,” the company said in a statement.
"Total Produce has continued to deliver good results in 2013, with an 18.8% increase in revenues and a 10.2% increase in earnings," commented the company's chief executive Carl McCann, noting that the company's performance was driven by its overseas expansion programme.
“The group expanded into the North American market in January 2013 with an agreement to acquire 65% of the Oppenheimer group, 35% initially with a commitment to acquire a further 30% in 2017,” he said, adding that the group is revising upwards its full year earnings target into “the upper half of the range between 8.00 to 8.80 cent per share”.
Revenue at the company's fresh produce division rose by 19.2% in the six month period to €1.6 billion with adjusted EBITDA rising by 11.1% to €29.8 million.
Turnover at its healthfoods and consumer produces distribution division rose by 7.6% to €56 million, while net adjusted EBITDA fell to €1.6 million from €1.8 million the same time last year, due to a change in produce mix.
The company sold its 25% shareholding in the Capespan Group for €21.7 million during the six month period of reporting.
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© 2013 - ESM: European Supermarket Magazine by Ellen Lunney
