Irish-based Total Produce, the largest fresh produce supplier in Europe, has posted a 10.5% increase in first-half pre-tax profits to EUR19.4m (US$26.4m), with acquisitions boosting the bottom line.
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The company, which was spun off from the Fyffes fruit business earlier this year, raised its earnings-per-share growth target for the year from mid to high single digits, on the back of the strong first-half results.
“Total Produce is pleased to report satisfactory results for the first half of 2007,” said chairman Carl McCann. “Following the successful demerger and listing, the company has the resources to significantly expand its business.”
McCann also said that while the unusually poor summer weather across northern Europe had reduced demand, trading since the end of the first half had been in line with expectations.
The rise in first-half pre-tax profit stemmed in part from the company’s acquisition of fresh produce group Redbridge Holdings in January and the remaining stake in Lembcke last September.
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By GlobalDataSales for the first half rose by 33% to EUR1.22bn, while operating profit increased by 14.8% to EUR23.5m. EBITDA was up 13.9% at EUR29.8m.
