Total Produce revenues up 11%

Fresh food distributor Total Produce has posted a strong increase in pre-tax profits and revenues for 2012.

Pre-tax profits grew 7.9 per cent, from €34.4 million to €37.1 million, and revenues rose 11.2 per cent, from €2.5 billion to €2.8 billion.

Total Produce grows, sources, imports, packs and distributes fresh fruit, vegetables and flowers, with the majority of its business in Europe.

The growth in revenues follows its increased shareholdings in Oppenheimer in North America, Frankort and Koning in the Netherlands and Capespan in South Africa.

Commenting on the results, Total Produce chairman Carl McCann said “The group is very pleased with its performance in 2012 having recorded strong growth of 12 per cent in adjusted earnings-per-share.

“The group is targeting adjusted earnings-per-share for 2013 in the range of 8 to 8.8 cent per share. We’re pleased to report a 12 per cent increase in the final dividend which together with the interim dividend represents an overall increase of 10 per cent in the full year dividend.”

Shares increased 1.5 per cent to 60 cent in trade on the Irish Stock Exchange this afternoon.