Total Produce beats forecasts

Fruit distributor Total Produce is targeting adjusted earnings per share of between 8.40c and 9.40c for 2014, having beaten forecasts with its 2013 results.

The Dublin-based firm the former general produce arm of Fyffes yesterday reported a 13% increase in full-year total revenue (which includes contribution from joint ventures and associate investments) to just over €3.17 billion — up from €2.8bn for 2012. When joint ventures are stripped out, core group revenue amounted to just under €2.64bn, still up by 8.5% on an annual basis.

A better-than-expected performance in the core fresh produce division boosted the group’s revenue and earnings per share past analyst forecasts.