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Total Produce H1 Pre-tax Profit Up 5.5% - Update

(RTTNews) - Fresh fruits, vegetables and flowers supplier Total Produce Plc (TOT.L) reported Thursday a 5.5% rise in pre-tax profit for the six-month period ended June 30, helped by demand recovery and favorable foreign exchange fluctuations.

For the first half of 2010, profit attributable to equity holders of the parent advanced to EUR 12.58 million from EUR 12.02 million in the comparable period last year. On a per share basis, earnings climbed to 3.58 cents from 3.42 cents.

Excluding special items, profit increased slightly year-over-year to EUR 14.50 million or 4.12 cents a share from EUR 14.30 million or 4.06 cents a share.

Pre-tax profit increased 5.5% to EUR 21.70 million from EUR 20.56 million last year. Adjusted profit before tax went up 3.8% to EUR 25.3 million from EUR 24.3 million.

Revenues, including Group share of joint ventures and associates, grew 1.7% to EUR 1.33 billion from EUR 1.31 billion the prior year. Group revenue improved 2.3% to EUR 1.20 billion. However, on a constant currency basis, revenue edged down 0.7% from 2009.

Commenting on the results, Carl McCann, Chairman, said, "After a slow start to the year due to unusually cold weather throughout Europe, demand for the Group's produce recovered with the Group also benefiting from favourable currency translation movements."

The group also indicated that fresh produce revenue grew 6% in Eurozone region and increased 4.8% in Scandinavian region, while in the UK, local currency revenue fell 12% year-over-year. Also, the group benefited from a stronger Swedish Krona and Sterling in the period.

Looking ahead to the full year, the firm said it is targeting adjusted earnings per share towards the upper end of its earlier outlook range of 5.5 - 6.5 cents per share.

Further, Total Produce revealed that it is maintaining its interim dividend payment at 0.54 cent per share payable on November 2 to shareholders of record on October 8, 2010.

TOT.L last traded on August 31 at 27 pence.