IRELAND: Total Produce eyes doubled sales
Fyffes spin-off Total Produce announced a plan to double its sales over the next five years as it posted pretax profits of EUR36.1m (US$48m) for fiscal 2006, up from EUR35m in 2005.
Revenues at the fruit group increased by 11% to EUR1.061bn in 2006, up from EUR1.676bn in the previous year, Total Produce revealed yesterday (29 March).
Announcing its results, the company said that it aimed to double its sales to EUR4bn over the next five years. In the shorter-term, Total Produce also indicated that it is targeting mid single-digit EPS growth, with earnings per share totalling EUR5.70 in 2006.
Outlining the group's ambitious revenue target, chairman Carl McCann said that acquisitions will drive the company's growth. "The strategy of the company is to continue to expand the business both organically and, in particular, by acquisition," McCann said. "We want to do three or four medium-sized deals each year, most likely in Europe, although we've also been looking further."
Irish-based Total Produce, the largest fresh produce supplier in Europe, has posted a 10.5% increase in first-half pre-tax profits to EUR19.4m (US$26.4m), with acquisitions boosting the bottom line....
Ireland-based tropical fruit group Fyffes has posted a 12% fall in first-half pre-tax profit to EUR15.7m, though the decline was in line with the company's guidance....
Ireland-based Total Produce has moved to tap into growing domestic demand for whole foods with the acquisition of distribution firm Wholefoods Wholesale....
Fyffes has claimed victory in its long-running battle against a former shareholder over alleged insider trading....
Fresh Del Monte Produce has confirmed it has received a "statement of objections" from the European Commission concerning the investigation of banana pricing in the EU....
Dole Food Co. has insisted it has not broken EU competition laws after becoming the third banana importer to face charges over running an alleged cartel....
Chiquita Brands International has received a list of charges from the European Commission over the company's alleged involvement in a cartel supplying bananas in Europe. The US-based firm joins Irelan...
Irish fruit distributor Fyffes has received a list of charges from the European Commission over the company's alleged involvement in a cartel supplying bananas in Europe....
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