U.S. growth helps boost Total Produce's H1 revenue by 10%
Irish company Total Produce saw its revenues jump 10.4% to hit €1.91 billion (US$2.13 billion) in the first half of 2016, thanks in part to continued expansion in North America and higher prices. 
The fresh fruit and vegetable supplier's pre-tax profits also grew 15.1% year-on-year to €34.9 million (US$39 million) from January through June.
The company said the results were driven by acquisitions completed in the past twelve months, and a strong operational performance offset in part by a 'small negative impact' relating to exchange rates with the Euro.
It added that on a like-for-like basis, excluding acquisitions, divestments and currency translation, revenue was around 5% higher on the back of both volume growth and higher average prices.
Revenues in the group's Eurozone businesses in France, Ireland, Italy, the Netherlands and Spain rose 4.4% to €870 million (US$972 million) thanks to recent acquisitions and net volume growth.
In the non-Eurozone segment, which includes the Czech Republic, Poland, Scandinavia and the U.K., revenue increased 5.8% to €811 million (US$906 million). The group said that aside from acquisitions, the results were down to 'good trading conditions' and a strong operational performance.
Total Produce also noted that while the outcome of the U.K.'s June referendum on its European Union membership had created some macroeconomic uncertainties, it was not expected to have a 'material impact' on the group.
As for the company's international division that includes North America and India, revenue soared by 65.4% to €261 million (US$292 million) thanks in part to the Progressive Produce acquisition in February.
"Total Produce has delivered a very strong performance in the first six months of 2016. Revenue grew 10.4% with an 11.6% increase in adjusted earnings per share," chairman Carl McCann said.
"The Group continued its expansion in North America in 2016, acquiring 65% of Progressive Produce, a company headquartered in Los Angeles. In addition, the Group made a number of other investments to complement its existing businesses.
"The Group continues to actively pursue further investment opportunities."
Photo: www.shutterstock.com
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