Total Produce raises guidance in trading update

Total Produce, a fresh produce provider, has said that it will pay a final dividend to shareholders of 2.2297 cent per share, an increase of 10 per cent on last year's dividend. The Dublin headquartered company said it will pay the dividend on May 26th.

In a trading update issued on Thursday, the group said that “trading for the first four months has been satisfactory” and that led the company to raise its full-year adjusted earnings per share target “into the upper half of the previously announced 12 cent to 13 cent range”.

Commenting on the previously announced stake in the Oppenheimer Group, a statement said that Total Produce "continues to pursue attractive acquisition opportunities to further expand the group".

In 2013 Total Produce acquired 35 per cent in the Oppenheimer Group. That, coupled with their March purchase, brings their total stake to 65 per cent after a total investment of €43.4 million. Headquartered in Vancouver, Canada, Oppenheimer Group has sales of almost one billion Canadian dollars.

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Core markets

In a note to investors, analysts at Davy Research said: “Total Produce has raised its full-year EPS (earnings per share) guidance, evidencing continued progress in core markets and operational delivery.

“The group has a track record of delivering consistent earnings growth, whilst maintaining double-digit returns and ample balance sheet firepower for future growth. We will upgrade our 2017 EPS by circa 2 per cent and continue to recommend the shares.”

Investec was also positive on the update, saying, “we remain buyers of the stock.