It appears many are heeding health advice and eating their five-a-day if Total Produce 's (TOT) results are anything to go by. The fruit and veg producer registered a 5 per cent rise in like-for-like sales as a result of volume growth and higher average prices. The ripe numbers mean management is now targeting full-year earnings at the top end of the previously announced range of 10.5¢-11.5¢ per share. Total sales were even higher thanks to the €47.6m (£40.49m) -worth of acquisitions the company made, which included a 65 per cent stake in Los Angeles-based Progressive Produce.
Both the 'non-eurozone' division, which includes Scandinavia and the UK, and the 'eurozone' division, which includes France and Ireland, reported mid-single digit percentage improvements in turnover thanks to good trading conditions and contributions from recent acquisitions. The international division, the smallest by sales, registered the biggest increase in turnover - up 65 per cent to €261m - due in part to the aforementioned Progressive deal and a generally strong trading performance. This was only partially offset by losses linked to the disposal of a US sports nutrition business.
Analysts at Goodbody expect EPS of 11.3¢ per share in the year to December 2016 compared with 10.6¢ in 2015.
TOTAL PRODUCE (TOT) | ||||
---|---|---|---|---|
ORD PRICE: | 135p | MARKET VALUE: | £430m | |
TOUCH: | 133-136p | 12-MONTH HIGH: | 135p | LOW: 89p |
DIVIDEND YIELD: | 2.5% | PE RATIO: | 17 | |
NET ASSET VALUE: | 68¢* | NET DEBT: | 33% |
Half-year to 30 Jun | Turnover (€m) | Pre-tax profit (€m) | Earnings per share (¢) | Dividend per share (¢) |
---|---|---|---|---|
2015 | 1.73 | 24.2 | 4.7 | 0.74 |
2016 | 1.91 | 25.6 | 4.8 | 0.81 |
% change | +10 | +6 | +2 | +10 |
Ex-div: 15 Sep Payment: 14 Oct *Includes intangible assets of €239m, or 75¢ a share £1=€1.17 |