Total Produce confirms 2013 earnings target

Fresh food distributor Total Produce has said it is keeping its earnings-per-share target of 8 to 8.8 cent for this year unchanged.

In a statement this morning, the company also said it had concluded an agreement to acquire a 65 per cent shareholding in the Oppenheimer Group, in two stages over five years.

The acquisition of a 35 per cent shareholding was completed in January 2013 for an initial cash payment of €11.4 million.

Oppenheimer is a leading provider of fresh produce throughout the USA and Canada with last reported sales of €410 million.

The Group also completed the sale of its 25.3 per cent shareholding in Capespan to Zeder Financial Services for a cash consideration of €22 million in April.

In March, the group said it was targeting adjusted earnings for 2013 in the range of 8 to 8.8 cent per share, which the company today said it was sticking to.