3rd Mar 2016 09:29
LONDON (Alliance News) - Total Produce PLC on Thursday reported growth in profit in 2015 as revenue rose, boosted by an increase in average prices, acquisitions and favourable movements in foreign exchange rates.
The fresh produce provider said its pretax profit in 2015 grew to EUR46.8 million from EUR44.3 million in 2014, as revenue rose by 10% to EUR3.45 billion from EUR3.13 billion.
It said its results benefited from a stronger operational performance and more normalised trading conditions in Europe, with average prices increasing on 2014 levels. Average prices in 2014 were hit by strong European domestic production which led to excess supply of product as well as by a Russian ban on EU produce.
Acquisitions completed in 2014 and 2015 also contributed to growth in the year, while the strong US dollar and sterling translated positively against the euro, Total Produce said.
Excluding acquisitions, divestments and currency translation, like-for-like revenue rose by 5%.
Total Produce will pay a total dividend of 2.763 cents, up 15% on the 2.403 cents it paid the prior year.
"The group continues to actively pursue further investment opportunities and is targeting adjusted earnings per share for 2016 in the range of 10.5 to 11.5 cents per share," Chairman Carl McCann said in a statement.
Shares in Total Produce were trading up 2.3% at 119.00 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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