Total Produce confirms adjusted earnings per share target

Fresh food distributor Total Produce has said it is continuing to actively pursue acquisition opportunities to further expand in both Europe and North America.

In a brief statement released ahead of its annual general meeting (agm) in Dublin on Friday, the group confirmed its previously announced target adjusted earnings per share in the range of 8.40 cent to 9.40 cent.

Total, which earlier this year announced a 13 per cent rise in full-year revenues to €3.2 billion on the back of a number of new acquisitions, invested over €23 million in deals in 2013.

The company recorded a strong performance in the year to the end of December, with adjusted pre-tax profits up by 12.5 per cent to €52.9 million, and adjusted earnings per share increasing by 10.5 per cent to 8.77 cent per share.

Total Produce's chairman Carl McCann has previously gone on record to say the group's growth in recent years has been primarily driven by notable acquisitions, such as the purchase of a 35 per cent stake in the Oppenheimer Group in January 2013.