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Total Produce reaffirm full yr earnings

Tuesday, September 02 10:13:56

Irish fresh foods group, Total Produce, today posted a 5.7pc rise in unadjusted pre-tax profits in its half year to the end of June on revenues of E1.59bn, 1.7pc less than the same period a year ago.

Profits on an adjusted basis fell 4.6pc to E27.2m while its operating profits rose 5.8pc to E27m and earnings per share rose 17.4pc to 4.73 cent.

Its interim results said the group had delivered a robust performance in the first half against a background of less favourable market conditions and maintained its full year earnings guidance.

Looking at the group's divisions, Total said that revenues in its fresh production unit in the euro zone fell by 5.2pc to E752m with a 14.4pc decrease in adjusted EBITA to E11m. The company said the warm spring weather led to strong early season domestic volumes putting downward pressure on prices.

Revenue in its Northern Europe division fell by 4.7pc to E451m due to currency effects. Adjusted EBITA rose by 2.2pc to E13m. Its UK division saw revenues rise by 10.7pc to E264m with adjusted EBITA jumping 31pc to E3.5m on the back of a strengthening sterling.

The group's international division includes its North American and Indian businesses - revenues at the unit fell to E92m from E132m due to the inclusion of the since sold Capespan Group business the same time last year. Adjusted EBITA rose to E1.8m from E1.6m in the six month period.

Revenue in Total Produce's Healthfoods and consumer products distribution division increased by 6.3pc to E60m while adjusted EBITA fell to E0.9m from E1.6m due to more competitive trading conditions in its markets.

Its chairman Carl McCann said the company's growth will continue to be driven by successful acquisitions. He noted that it has recently agreed a deal to buy the remaining 50pc of All Seasons Fruit in the Netherlands and continues its expansion in the US with the purchase of a 45pc stake in Eco Farms in California.

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