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Total Produce Announce 10.4% Increase In Revenue

Published on Aug 30 2016 9:47 AM

Total Produce Announce 10.4% Increase In Revenue

Revenues at Total Produce in the first half of 2016 rose by 10.4% to €1.9 billion according to the latest financial figures, which the fruit distribution company released this morning.

According to the report, the results 'benefited from acquisitions completed in the period and a circa 5 per cent like-for-like growth in revenue on the back of both volume growth and higher average prices'.

Elsewhere, adjusted pre-tax rose by 15.1% to €34.9 million, adjusted EBITA and EBITDA were up 13.2% (to €37.9 million) and 13% (to €48.2 million) respectively.

Chairmain of Total Produce, Carl McCann, says the company "has delivered a very strong performance in the first six months of 2016. Revenue grew 10.4% with an 11.6% increase in adjusted earnings per share".

"The Group continued its expansion in North America in 2016, acquiring 65% of Progressive Produce, a company headquartered in Los Angeles. In addition, the Group made a number of other investments to complement its existing businesses.

"The Group continues to actively pursue further investment opportunities. We are pleased to announce a 10.0% increase in the interim dividend to 0.8096 cent per share. The Group is now targeting increased full year earnings at the top end of the previously announced range of 10.50 to 11.50 cent per share."

© 2016 - Checkout Magazine by Niall Swan

 

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