Total Produce results for 2013 boosted by acquisitions

Tuesday 04 March 2014 17.56
Total Produce has recommended an increase of 10% in its final dividend to 1.66 cent per share
Total Produce has recommended an increase of 10% in its final dividend to 1.66 cent per share

Fresh produce provider Total Produce has reported higher profits and revenues for 2013 on the back of its successful acquisitions over the last number of years.

Total's revenue for the year rose by 13% to €3.2 billion while adjusted pre-tax profits increased by 12.5% to €52.9m. 

The company has recommended an increase of 10% in its final dividend to 1.66 cent per share.

This together with the interim dividend of 0.61 cent per share brings the total 2013 dividend to 2.27 cent per share - a rise of over 9% on 2012. 

Shares in the company closed 3.9% higher in Dublin trade following the results.

Total Produce said the strong growth seen last year was helped by the positive contributions from acquisitions completed in recent years, which was partly offset by the sale of its 25% interest in Capespan Group. 

The company finalised a number of purchases last year with a total investment of over €23m. The biggest deal was the purchase of an initial 35% interest in the Oppenheimer Group in the US in January 2013, with a further 30% to be bought in 2017. 

"The group actively continues to pursue further investment opportunities and is targeting adjusted earnings per share for 2014 in the range of 8.4 cent to 9.4 cent per share," commented the company's chairman Carl McCann.