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Pre-tax profits up 6pc at Total Produce

Tuesday, September 04 10:27:30

Fresh foods producer, Total Produce, this morning posted pre-tax profits that rose 6pc in the first half of this year to E25.1m, helped by a rise in revenues from acquisitions it made in the past twelve months, the company said.

Operating profit at Total Produce was flat in the first half of 2012 at E23.8m, but the company's total revenue increased by 5pc to E1.399bn and adjusted pre-tax profits were up 6.2pc to E25.1m. Adjusted EBITDA increased by 10pc to E36.7m.

""Total Produce has delivered a strong performance for the first half of 2012 with a 6.7pc increase in adjusted earnings per share to 4.48 cent assisted by the positive contribution of acquisitions in the past 12 months," said chairman, Carl McCann.

"We are pleased to report that the Group has concluded over E20m of investments in the first half of 2012. The largest investment was the acquisition of 50pc of Frankort & Koning in the Netherlands. The Group has increased its shareholding in Capespan Group Limited, the leading South African produce company to 25.3pc. We continue to actively pursue further investment opportunities."

The group continues to be very cash generative, he added, with operating cashflows of E20.6m for the six month period (2011: E19.9m) before seasonal working capital outflows.

Total has concluded a number of investments in the first half of 2012 for a total consideration of over E20m. The primary investment was the acquisition of a 50pc interest in Frankort and Koning Beheer Venlo BV and subsidiaries, a leading European Fresh Produce distributor with principal operations in the Netherlands, Germany and Poland.

As part of the Group's divestment of its 50pc interest in Capespan Europe, the Group has increased its effective shareholding in Capespan Group Limited, the leading South African Produce Company, to 25.3pc.