Total Produce revenues climb to €3.2bn

Revenues at fresh food distributor Total Produce climbed 13 per cent to €3.2 billion last year, boosted by a string of acquisitions.

The company recorded a strong performance in the year to the end of December, with adjusted pre-tax profits up by 12.5 per cent to €52.9 million, and adjusted earnings per share increasing by 10.5 per cent to 8.77 cent per share.

The group successfully concluded a number of acquisitions in 2013 with a total investment of over €23 million. The biggest deal was the purchase of a 35 per cent interest in the Oppenheimer Group in January 2013. In December, the group completed the acquisition of a 41 per cent shareholding in Provenance Partners taking its interest to 50 per cent.

Operating profit before exceptional items increased 12.1 per cent to €46.9 million, compared to €41.8 million in 2012.

Total Produce chairman Carl McCann said the group’s growth was primarily driven by successful acquisitions completed in recent years including the investment in Oppenheimer in North America.

“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,” he added.

The Board recommended an increase of 10 per cent in the 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, an increase of 9.3 per cent on 2012.