IRELAND: Total Produce sales, earnings rise
By Katy Askew | 5 March 2013
- PBT up 7.9%
- Sales up 11.2%
- "Satisfactory" start to 2013
Total Produce has reported higher sales and earnings for 2012.
The fruit and vegetable distributor said pre-tax profits were up 7.9% in the 12 months to end-December, climbing to EUR37.1m (US$48.3m). EBITDA at the group's fresh produce business increased 17.3%, while EBITDA at the firm's health food segment more than doubled, rising from EUR1.2m to EUR3.2m.
The group said earnings growth was driven by higher sales. Total revenues were up 11.2%, rising to EUR2.8bn from EUR2.5bn last year.
The company added that trading so far this year had been satisfactory.
TOTAL PRODUCE CONTINUES EXPANSION WITH STRONG EARNINGS GROWTH
• Revenue (1) up 11.2% to €2.8 billion
• Adjusted EBITDA(1) up 17.8% to €70.4m
• Adjusted EBITA (1) up 21.4% to €54.6m
• Adjusted profit before tax (1) up 19.1% to €47.3m
• Adjusted EPS (1) up 12.0% to 8.11 cent
• Final dividend up 12.0% to 1.512 cent; total 2012 dividend up 10.0% to 2.079 cent
(1) Key performance indicators are defined overleaf
Commenting on the results, Carl McCann, Chairman, said:
"The Group is very pleased with its performance in 2012 having recorded strong growth of 12% in adjusted EPS.
Trading conditions since the start of 2013 have been satisfactory. The Group's activities are well diversified across Europe and, more recently in North America and Africa. During 2012, Total Produce acquired shareholdings in a number of companies, including Oppenheimer in North America, Frankort and Koning in the Netherlands and Capespan in South Africa. With the benefit of these and other transactions, the Group is targeting adjusted EPS for 2013 in the range of 8.0 to 8.8 cent per share. The Group is pleased to report a 12% increase in the final dividend which together with the interim dividend represents an overall increase of 10% in the full year dividend. The Group continues to actively pursue further investment opportunities."
Original source: Total Produce
Companies: Total Produce