Shares in Irish-based Total Produce were up today as it recorded an increase in net profit for 2010.
Shares in the fruit and vegetable distributor were up 4.4% to EUR0.45 at 9:17 GMT today (3 March) as it recorded a 31.3% increase in net profit to reach EUR25.2m (US$34.9m).
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The group said revenue in the year to 31 December was up 7% to reach EUR2.6bn, while adjusted EBITDA was up 6.7% to EUR60.9m.
The company said revenue increased in its fresh produce division by 8.3% to EUR2.52bn, which it attributed partially to the strength of the Swedish krona and sterling in the year, which led to “higher translation values of non-euro revenues”. On a constant currency basis, revenue in the division was up 5% due to a mix of volume and average price increases.
Commenting on the group’s outlook for 2011, chairman Carl McCann said: “The group is targeting 2011 adjusted earnings per share in the range of 6.5% to 7.5% per share. It has a strong financial position and continues to actively pursue acquisition opportunities”.
Click here for the company’s full earnings statement.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
