Total Produce has reported a double-digit rise in adjusted profit for the first half, lifted by a stronger operating performance and higher sales.
The company said adjusted profit before tax, excluding one time items such as M&A expenses, increased 11.5% to EUR30.3m (US$34m). Including one time charges and gains, PBT remained unchanged at EUR24.2m.
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Chairman Carl McCann said profitability was supported by sales gains due to recent acquisitions as well as higher operating profit at existing businesses. "A stronger operational performance and recent acquisitions contributed to this earnings growth," he commented. "In February 2015, the group completed its fourth investment in North America with a 50% investment in Gambles, a fresh produce company based in Toronto."
Group revenue rose 8.2% to EUR1.4bn. Adjusted EBITDA was up 11.9% to EUR 43.6m, stripping out acquisitions.
McCann said Total Produce is now targeting increased full year earnings "at the top end of the previously announced range" of 9.2 to 10.2 European cent per share.
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