Total Produce admitted to IEX and AIM

Fyffes spin-off Total Produce has been admitted to trading on the IEX market of the Irish Stock Exchange and the AIM market of the London Stock Exchange.

Total Produce comprises the general produce and distribution business which was demerged from Fyffes on December 30.

The group recorded turnover of €1.7bn and operating profits of €32m in the year ended December 31 2005, up from a turnover of €1.5bn and operating profits of €30m in the prior year.

Total Produce commenced operations yesterday with net debt of €10m.

Total Produce boss Carl McCann said: "We are very pleased at today’s launch of Total Produce on the IEX and AIM markets. The group is one of the leading fresh produce distributors in Europe and has a strong and experienced management team.

"Our ambition is to enhance shareholder value through a combination of organic growth and by continuing to pursue acquisitions of companies in the General Produce and Distribution Sector."