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.
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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.”
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