Fruit and vegetable distributor Total Produce has increased it targets for its full-year earnings per share performance.
In a trading statement this morning the company said it now expects earnings to rise by a "mid to upper single-digit increase", compared with earlier guidance of "mid-single digit growth".
A strong performance during the first four months of 2008 had been helped by a contribution from its acquisitions last year.
Earlier this month Total Produce agreed to buy controlling 60 per cent stakes in two Dutch companies for up to €23 million ($36 million).
Total Produce will initially pay €9.5 million for the 60 per cent holdings in Haluco BV and Nedalpac BV. Up to €13.5 million may become payable, depending on the achievement of profit targets by 2010.
Total Produce said the acquisitions should add almost €300 million in sales to the business.
The company said it has also concluded a number of smaller bolt-on acquisitions since the start of the year which are expected to add €30 million to annual sales.
Analysts said the upgrade was reflected by the relatively low risk nature of the fresh produce industry and the likelihood of more value enhancing deals.
At 12.25pm Total Produce shares were trading unchanged on the Dublin market at €0.64.