IRELAND: Total Produce shares up on increased profit
Shares in Irish-based Total Produce were up today as it recorded an increase in net profit for 2010.
Shares in the fruit and vegetable distributor were up 4.4% to EUR0.45 at 9:17 GMT today (3 March) as it recorded a 31.3% increase in net profit to reach EUR25.2m (US$34.9m).
The group said revenue in the year to 31 December was up 7% to reach EUR2.6bn, while adjusted EBITDA was up 6.7% to EUR60.9m.
The company said revenue increased in its fresh produce division by 8.3% to EUR2.52bn, which it attributed partially to the strength of the Swedish krona and sterling in the year, which led to "higher translation values of non-euro revenues". On a constant currency basis, revenue in the division was up 5% due to a mix of volume and average price increases.
Commenting on the group's outlook for 2011, chairman Carl McCann said: "The group is targeting 2011 adjusted earnings per share in the range of 6.5% to 7.5% per share. It has a strong financial position and continues to actively pursue acquisition opportunities".
Click here for the company's full earnings statement.
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