Total Produce profits down 6% despite rise in revenues

Total Produce’s interim results showed a 5% increase in total revenues but profits before tax were down 6% to €20.4m.

Chairman Carl McCann, said: “Total Produce has delivered a strong performance for the first half of 2012 with a 6.7% increase in adjusted earnings per share to 4.48 cent assisted by the positive contribution of acquisitions in the past 12 months.”

Total Produce, which grows, sources, and supplies fresh produce to retailers and wholesalers, said the strong results were as a result of acquisitions over the past year that cancelled out the company’s offloading of its 50% interest in Capespan International Holdings.