One of Europe’s leading fresh produce companies has notched a substantial uptick in sales and profit in the first half of 2017, with added support from bolt-on acquisitions in the old continent and North America.
In its interim results announcement today (Aug 31), Ireland-based Total Produce Plc highlighted a 12.2% rise in revenue to €2.15 billion (£1.98bn), while EBITDA rose 9.5% to €52.8 million (£48.6 million).
Chairman Carl McCann said the group continued to target increased full-year adjusted earnings per share in the upper half of the previously announced range of 12-13 cents per share.
“The Group has continued its international expansion with a number of significant North American transactions. It increased its shareholding in the Oppenheimer group (‘Oppy’) from 35% to 65%,” McCann said.
“In addition, Oppy concluded important strategic agreements with the New Zealand based T&G Global.
“The Group’s Los Angeles headquartered Progressive Produce business increased its scale with the acquisition of Keystone Fruit Marketing. The Group is actively pursuing further investment opportunities.”
The group made investments of €34.4 million (£31.7 million) during the period, and highlighted on an annual basis it would be selling around 350 million cartons of produce in 26 countries.
The company has 138 operating facilities of which 106 are in Europe, 21 are in North America, seven are in South America and four are in Asia.
The group’s leading markets of the eurozone saw a 4.5% uptick in profit, but the percentage rises were higher still in non-eurozone Europe (+11.6%) and its international division (+34.7%).