3rd Sep 2013 12:54
(Correcting year-earlier profit of GBP20.1 million, not loss.)
LONDON (Alliance News) - Total Produce PLC Tuesday said its profit increased by 14% in the first half, reflecting a strong performance across the company.
The food company which specialises in fresh fruits, vegetables and flowers said pretax profit increased to GBP22.9 million for the six-month period ended 30 June 2013 from GBP20.1 million a year earlier.
Revenue increased 19% to EUR1.66 billion from EUR1.40 billion last year, with adjusted earnings before interest, tax, depreciation and amortisation up 9.8% to EUR31.4 million from EUR28.6 million. Adjusted earnings per share rose 10% to 4.84 cents, and the company said raising its full-year earnings target into the upper half of the range between 8.00 to 8.80 cent per share.
Total Produce said trading conditions overall improved on the same period in 2012 and the results were assisted by the contribution of acquisitions completed in the past fifteen months offset in part by the divestment of its 25% interest in fruit supply firm Capespan Group in South Africa.
Revenue for the company's UK division increased 1.3% to EUR248 million from EUR245 million. However, Total Produce said the results were impacted by the weakening of sterling by 4.9% which led to lower reported revenues and profits on translation to Euro and also by the late start to Spring in 2013 due to cold conditions continuing into April.
The company's other arms in Europe and Northern Ireland also saw an increase in revenue, by 17% and 20%, respectively.
Total's international business posted a 101% increase in revenue to EUR132 million, from EUR66 million. The results benefited from the acquisition of Oppenheimer in January 2013 offset by the impact of the divestment of Capespan in April 2013, it said.
The board approved a 7.5% increase in the interim dividend to 0.6095 cent per share, from 0.5670 pence.
Total Produce shares were trading at 67.89 pence Tuesday morning, 3.39 pence, or 5.3%.
By Anthony Tshibangu; [email protected];
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