Ireland's Total Produce has indicated it is on the look-out for further acquisition targets as it booked a jump in full-year sales and earnings in 2013, driven by the contribution of recent deals.

Total sales rose 13% to EUR3.2bn (US$4.4bn) in the year to the end of December, the company said in a regulatory filing today (4 March).

Operating profit, excluding exceptional items, increased 12.1% to EUR46.9m in the period, while net profit climbed to EUR38.2m, up from EUR28.2m in the prior year period.

Chairman Carl McCann said gains were driven by M&A. "The group's growth is primarily driven by successful acquisitions completed in recent years including the investment in Oppenheimer in North America," he said.

Looking to the coming year, Total Produce indicated it "actively continues to pursue further investment opportunities".

Show the press release

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013

TOTAL PRODUCE INCREASES EARNINGS BY 10.5%

Total revenue (1) up 13.0% to €3.2 billion

 

 

Adjusted EBITDA(1) up 6.7% to €74.1m

 

 

Adjusted EBITA(1)  up 9.4% to €58.7m

 

 

Adjusted profit before tax (1) up 12.5% to €52.9m

 

 

Adjusted fully diluted EPS (1)  up 10.5% to 8.77 cent

 

 

Final dividend up 10.0% to 1.66 cent

(1)

Key performance indicators are defined overleaf

 

Commenting on the results, Carl McCann, Chairman, said:

"Total Produce has recorded a strong performance in 2013 with total revenue increasing by 13.0% to €3.2 billion and adjusted earnings per share increasing by 10.5% to 8.77 cent per share. The Group's growth is primarily driven by successful acquisitions completed in recent years including the investment in Oppenheimer in North America.

 

We are also pleased to announce a 10% increase in the final dividend to 1.66 cent per share. The Group actively continues to pursue further investment opportunities and is targeting adjusted earnings per share for 2014 in the range of 8.4 cent to 9.4 cent per share".

 

4 March 2014

Original source: Total Produce