IRELAND: Cold snap hits Total Produce earnings
By: just-food.com | 4 March 2010
Irish fruit firm Total Produce booked a drop in pre-tax profits in 2009, hurt by adverse currency movements and cold weather.
The firm earned pre-tax profits of EUR28.4m (US$38.8m), a 4.9% decrease on 2008. Revenues amounted to EUR2.43bn, a decline of 3.3%.
On a constant-currency basis, revenue for the group was up 0.7%. In the fresh produce division, however, revenue declined by 1.9% to EUR2.33bn due to the strength of the Euro.
The fall was offset by the full-year contribution of acquisitions made in the second half of 2008, which included Dutch firms Haluco and Nedalpac.
Total Produce remains “positive” about its position as one of the leading fresh produce companies in Europe, and is targeting 2010 adjusted earnings per share in the range of 5.50 to 6.50 cent.
Chairman Carl McCain added that the company is in a “strong financial position” and continues to pursue "attractive" acquisition opportunities.
“The group has delivered a resilient performance in 2009 against the background of a challenging economic environment and adverse currency movements,” McCann said.
“For 2010, the extremely cold weather and heavy snowfalls throughout most of Europe have resulted in a slow start to the year keeping consumers at home and temporarily reducing demand.”
Sectors: Fresh produce
Companies: Total Produce, McCain
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