Total Produce profits up 10.5%

Fruit and vegetable distributor Total Produce has announced its before-tax profits were up by 10.5% to €19.4m (from €17.6 last year) in an interim results statement today.

Revenue for the period grew by 33% to €1.22bn, reflecting the acquisition of Redbridge Holdings and the remaining 50% of Lembcke A/S in September 2006.

Average prices increased by about 5%, though the Fyffes spin-off said its costs rose by a similar amount, and the company said it had seen "good organic growth" in some markets. Weather conditions were favourable to demand for the company's produce in Northern Europe, particularly in April and May, according to the firm.

Chairman Carl McCann said: "Total Produce is pleased to report satisfactory results for the first half of 2007. Following the successful demerger (from Fyffes) and listing, the company has the resources to significantly expand its business."