An increase in full-year profits failed to stem a decline in sales for Ireland-based fresh produce firm Total Produce.
For the 12 months to the end of December, net profit climbed 2.4% to reach EUR27.7m (US$36.3m), the company reported today (6 March). Operating profit amounted to EUR39.1m, a 5.6% increase on the prior-year.
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Sales, however, slumped 2.5% to EUR2.28bn as the company reported another year or tough conditions in some of its European markets due to the prolonged impact of an e-coli scare last year.
The group’s fresh produce division, particularly in Continental and Eastern Europe, suffered as a result of the scare.
Revenue in the division fell by 3.6% to EUR2.43bn with adjusted EBITA down 9.5% to EUR46.6m. The unit, however, benefited from the strength of the average Swedish krona and Czech krona exchange rates against the Euro, although this was partly offset by the weaker sterling rate.
Total Produce’s chairman Carl McCann said the company delivered a “solid” performance in 2011.
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By GlobalDataThe group has performed satisfactorily despite challenging conditions in certain markets due to the prolonged impact of the EHEC scare in May 2011. The group was active in concluding a number of new acquisitions primarily in the second half of the year for a total investment of almost EUR20m including increasing its shareholding in Capespan Group Limited, the leading South African fresh produce company.”
