25 May 2016 07:00
Total Produce plc
Stock Exchange Announcement
Total Produce plc raises 2016 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 10.50 cent to 11.50 cent range.
Since the beginning of 2016, the Group completed the acquisition of a 65% shareholding in Progressive Produce which is headquartered in Los Angeles, California. Progressive Produce is a grower, packer and distributor of conventional and organic produce to the retail, wholesale and foodservice sectors in the U.S. and Canada. Founded in 1967 and is today one of California's premier produce companies, with 2015 sales in excess of US$ 200 million and employing 214 people. Additionally, the Group has completed a number of smaller acquisitions.
The Group also completed a €20m share buy-back programme on 27 January 2016 and may purchase Total Produce shares in the market as appropriate, subject to the annual shareholder approval at its General Meeting today.
Subject to shareholder approval, a final dividend of 2.027 cent per share will be paid on 26 May 2016 representing a 15% 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 2016
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.