Total Produce profits up 13%

IRISH fruit and veg distributor Total Produce has said it is on course to reach its target of doubling its turnover over the next five years, adding that much of its growth will come via large-scale acquisitions.

The Dublin-based company, which was formed at the beginning of last year as a spin-off from Fyffes, yesterday reported a 13.2% year-on-year rise in pre-tax profits for the first half of this year to €22 million. EBITA (earnings before interest, tax and amortisation) rose by 15% to €27.6m, while total revenue was up by 6.1% at €1.29 billion. Adjusted earnings per share rose by 13% to 4.09c. Operating profit was up by 15.6%, year-on-year, to €24.8m.

Total Produce closed unchanged at 55 cents in Dublin trading. The stock has dropped 6.8% this year, less than the 62% plunge by Fyffes, which said its August 29 annual profit would fall because of higher costs to buy and ship tropical fruit.