Fruit distribution company raises its earnings guidance

FRUIT distribution company Total Produce has reported a strong set of full-year results for 2010 — including an 18% increase in pre-tax profits and a 7% rise in revenue — and has upped its earnings guidance for 2011.

The Dublin-based company said pre-tax profits went from €28.4m to €33.6m, last year, with revenue (which includes its share of joint ventures and associate companies) going from €2.43bn to €2.6bn.Adjusted earnings per share were up from 6.47c to 6.84c and net debt decreased by just under €3m to €47.9m.

“We delivered a good 2010 performance, with a 5.7% increase in adjusted earnings per share to 6.84c. This result reflects the strength and broad base of the group’s operations against a background of tougher economic conditions in certain locations,” Total’s chairman Carl McCann said.