Buyback to boost Total Produce's earnings by 5%

The €20m share buyback programme being initiated today by fruit distributor Total Produce is expected to boost the firm’s current full-year earnings per share by around 5.5%.

The former Fyffes spinoff firm yesterday announced its intention to return more funds to investors, the latest element of its ongoing capital investment allocation programme.

Last month, Total Produce reported an 8.2% annualised rise in first half revenue, to €1.43bn, increased its interim dividend by 15% and said it expected full-year earnings per share to meet the higher end of a recently heightened guidance range of 9.20c-10.20c.