Tuesday, September 04 17:37:37
The main Dublin shares index slipped in to the red today as investors turned cautious again in the run-up to an ECB meeting this week.
The ISEQ was down 14.68 points to 3,155.91.
Total Produce has released its first-half results. The group as a whole performed strongly with revenues and profits increasing year-on-year. It is increasing its full-year guidance to the top end of its previous guidance range of 7-8c (Davy: 7.6c). Revenues increased 4pc in the period, assisted by the contribution from M and A, partially offset by the divestment of the group's 50pc interest in Capespan Europe. FX was marginally positive. Adjusted EBITA increased 10.7pc year-on-year. The core Fresh Produce division saw an increase of 3.2pc on an adjusted EBITA basis while the Consumer Products Distribution division returned to profitability. Across the Fresh Produce division, volumes were slightly higher on a like-for-like basis with prices marginally lower. Shares in the fresh produce company rose 1c to E0.43.
Shares in DCC climbed 18c to E21.14 after it announced that it has reached a conditional agreement with Statoil Fuel and Retail ASA to acquire its industrial LPG business in Norway and Sweden. The net tangible fixed assets of SFR LPG at completion, together with the net working capital investment required, are expected to amount to approximately E11m. The acquisition of the industrial LPG business is subject to approval by the Swedish and Norwegian competition authorities. It is anticipated that the transaction will complete in late 2012/early 2013 following competition approval and the separation of SFR LPG from Statoil Fuel and Retail ASA. SFR LPG is the leading distributor of bulk LPG to industrial and commercial customers in Sweden and Norway with 20 staff and LPG volumes of approximately 260,000 tonnes per annum (transport is outsourced to third-party hauliers). The business will likely be re-branded as Flogas following completion of the acquisition.