Total Produce, the Ireland-based fresh produce firm, has reported an increase in half-year profits thanks to the proceeds from an asset sale in South Africa.
The company booked an 8.1% rise in net profit to EUR13.6m for the six months to the end of June. Operating profit increased 3.4% to EUR23.8m.
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The increase in earnings came despite flat revenues of EUR1.33bn. Total Produce received EUR1.6m from the sale of a 40% stake in a farm investment company in South Africa.
However, chairman Carl McCann defended the company’s performance in the first half of 2011. “Total Produce has delivered a solid performance for the first half of 2011 with an increase of 2% in adjusted earnings per share to 4.20 cent per share despite the temporarily difficult trading conditions in certain markets within Continental Europe.”
Revenue from the company’s core fresh produce business inched up 0.1% to EUR1.29bn. Total Produce said this was a “good performance” amid the “unusual trading conditions” caused by the E. coli scare in Europe this summer.
Adjusted EBITA from the division was down 3.3% at EUR28.7m due to reorganisation costs in Scandinavia and the UK.
Click here for the full statement from Total Produce.
