Fruit grower and distributor Total Produce (TOT) finished the year with a bang, reporting a 13 per cent rise in adjusted pre-tax profit to €52.9m, and a 10 per cent boost to the final dividend.
Group sales grew 13 per cent to €3.2bn and like-for-like sales were 8 per cent higher, driven by a healthy combination of acquisitions, organic growth, new customers, pricing and new product lines. The year also marked Total's first foray into North America with its 35 per cent stake in Oppenheimer Group, one of several acquisitions which cost a total of €23m in the period. On 13 December, for instance, Total grew its stake in exotic vegetable purveyor Provenance Partners to 50 per cent, allowing it to offer UK customers a wider selection. Strong free cash flow meant net debt plummeted to €11m from €53m.
