Total Produce pre-tax profits up 18%

Fruit and vegetable distributor Total Produce today posted pre-tax profits of €33.6m for 2010, a rise of 18.4% on the previous year.

Preliminary results for the year ended December 31 also showed a 7% rise in revenue to €2.6bn, with operating profits up 17.5% to €37m.

“Total Produce delivered a good 2010 performance with a 5.7% increase in adjusted earnings per share to 6.84 cent per share," said chairman Carl McCann

"This result reflects the strength and broad base of the Group’s operations against a background of tougher economic conditions in certain locations.

"The Group is targeting 2011 adjusted earnings per share in the range of 6.5 cent to 7.5 cent per share. It has a strong financial position and continues to actively pursue acquisition opportunities.”