25 May 2017 07:00
Total Produce plc
Stock Exchange Announcement
Total Produce plc raises 2017 earnings target
Total Produce plc, the leading international fresh produce company, is pleased to confirm that trading for the first four months has been satisfactory, and the Group is raising its full year adjusted earnings per share target into the upper half of the previously announced 12.0 cent to 13.0 cent range.
As previously announced on 2 March 2017, the Group purchased a further 30% of the Oppenheimer Group ('Oppy') for a consideration of €28.4 million (CAD$39.5 million). In addition to the initial 35% acquired in 2013, this brings Total Produce's shareholding in Oppy to 65% after a total investment of €43.4 million (CAD$60.6 million). Headquartered in Vancouver, Canada and with sales of almost CAD$1 billion (€720 million), Oppy operates from a network of locations throughout North America providing premium quality fresh fruit and vegetables on a year round basis.
Subject to shareholder approval, a final dividend of 2.2297 cent per share will be paid on 26 May 2017 representing a 10% increase on last year.
Total Produce is in a strong financial position and continues to pursue attractive acquisition opportunities to further expand the Group.
25 May 2017
For further information, please contact:
Brian Bell, Wilson Hartnell PR
Tel: +353-1-669 0030
Ivan Murphy, Davy Corporate Finance
Tel: +353-1-679 6363
Any forward-looking statements made in this press release have been made in good faith based on the information available as of the date of the press release and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in this press release, and the Company undertakes no obligation to update any such statements whether as a result of new information, future events, or otherwise. Total Produce's Annual Report contains and identifies important factors that could cause these developments or the Company's actual results to differ materially from those expressed or implied in these forward-looking statements.