Total Produce reveals rise in pre-tax profits

Total Produce have reported a 5.5% increase on their pre-tax profits for the first six months of the year up to the end of June.

Revenues were up 1.7% to €1.33bn as they revealed pre-tax profits of €21.7m.

The fruit and vegetable distributor said: "Total Produce has delivered a solid performance in the first half of 2010 with an increase of 1.5% in adjusted earnings per share to 4.12 cent per share.

"After a slow start to the year due to unusually cold weather throughout Europe, demand for the group’s produce recovered with the group also benefiting from favourable currency translation movements.

The group’s interim dividend is unchanged at 0.54 cent per share.

They went on to say that, assuming current trading conditions continue, it is now targeting adjusted earnings per share towards the upper end of its annual target range of 5.5 to 6.5 cent per share.

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