Irish fruit firm Total Produce has raised its outlook for the full year, after booking a strong increase in sales and earnings during the first half.
Sales rose 18.8% to EUR1.7bn (US$2.23bn) in the six months to end-June. Adjusted EBITDA rose 7.5% to EUR39.1m and adjusted pre-tax profit gained 9.8% to EUR31.4m.
Total Produce chairman Carl McCann said the group’s “strong performance” was driven by overseas expansion.
Total Produce expanded into North America in January, with an agreement to acquire 65% of the Oppenheimer Group. Total Produce has taken a 35% initial stake and committed to acquire a further 30% in 2017.
“Trading conditions are satisfactory and the group is revising upwards its full year earnings target into the upper half of the range between 8.00 to 8.80 cent per share,” McCann said.
