Total Produce, the fruit and vegetable distributor spun off from Fyffes, has reported pre-tax profits of €33.2m for 2007, up from €18.9m in 2006.
Revenues rose by over 30% to €2.4 billion. Adjusted earnings per share rose by 11.4% to 6.35 cent in 2007 from 5.70 in 2006. The figures were ahead of expectations.
Total Produce said the majority of the revenue increase reflects the acquisition of Redbridge Holdings in January 2007 and the contribution of a significant number of bolt-on acquisitions during the year.
Total said that the full year outcome for the produce division was 'satisfactory' despite poor summer weather and supply constraints in some key lines during the autumn and early winter. It added that weather conditions in the first half of the year were especially favourable for demand for its produce.
The company said that trading in the year to date is in line with expectations and the board is targeting a mid-single digit growth in adjusted earnings per share for 2008.
'Total Produce will continue to pursue its plans to further expand and develop the group,' commented Carl McCann, the company's Chairman.
Shares in the company closed up three cent to 60 cent in Dublin this evening, a gain of over 5%.
