Total Produce profits up 18%

Revenues at fruit and vegetable distributor Total Produce increased by 7 per cent last year to almost €2.6 billion.

Pre-tax profits were up 18.4 per cent to €33.6 million for the year, compared to €28.4 million in 2009.

Adjusted earnings per share increased 5.7 per cent last year to 6.84 cent. Total Produce said it was targeting a 2011 adjusted earnings per share in the range of 6.5 to 7.5 cent.

Total said its fresh produce operations in the euro zone region and Scandinavia were strong but that its UK division had a challenging year because of poor weather at the start of 2010.

Revenue in the group's Scandinavian division rose by 9.6 per cent to €602m, driven by a 10 per cent strengthening of Swedish Krona. However, revenue in the consumer goods and healthfoods distribution division was €82m, down 23 per cent, which the firm said reflected continued difficult trading conditions in this sector.

Property impairments amounted to a net charge of €2.3million last year, down from €4.8 million in 2009.

The group also completed a buy back of 22 million of its own shares at a cost of €8.7 million.

Total Produce chairman Carl McCann said the results reflected the "strength and broad base of the group's operations against a background of tougher economic conditions in certain locations".

Shares in Total Produce were trading up 4.6 per cent at 45 cent on the Dublin market at 9.45am.