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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Total Produce Plc | LSE:TOT | London | Ordinary Share | IE00B1HDWM43 | ORD EUR0.01 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 165.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTOT
RNS Number : 5668Q
Total Produce Plc
02 September 2014
TOTAL PRODUCE PLC
RESULTS TO 30 JUNE 2014
TOTAL PRODUCE MAINTAINS FULL YEAR GUIDANCE
-- Revenue (1) of EUR1.59 billion -- Profit before tax up 5.7% to EUR24.2m -- Adjusted earnings per share (1) up 0.4% to 4.86 cent -- Adjusted EBITDA (1) down 2.7% to EUR38.1m -- Adjusted EBITA (1) down 3.7% to EUR30.2m -- Adjusted profit before tax (1) down 4.6% to EUR27.2m -- Interim dividend increased by 5.0% to 0.64 cent per share (1) Key performance indicators are defined overleaf
Commenting on the results, Carl McCann, Chairman, said:
"Total Produce has recorded a robust performance in the first half of 2014 when measured against a particularly strong comparative period in 2013. The Group continued to record volume growth in 2014 although average prices decreased in the period. We are pleased to report a marginal increase in adjusted earnings to 4.86 cent per share. The Group's growth will continue to be driven by successful acquisitions. Total Produce has recently agreed to acquire the final 50% of All Seasons Fruit in The Netherlands and continues its expansion in North America with the acquisition of a 45% interest in Eco Farms in California, USA. We are pleased to announce a 5% increase in the interim dividend to 0.64 cent. The Group is maintaining its full year adjusted earnings per share guidance of 8.40 to 9.40 cent per share."
For further information, please contact:
Sheila Gahan, Wilson Hartnell PR - Tel: +353-1-669-0030, Mobile: +353-87-234-2409
TOTAL PRODUCE PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2014 2014 2013* EUR'million EUR'million % change Total revenue (1) 1,588 1,663 (4.5%) Group revenue 1,323 1,373 (3.7%) Adjusted EBITDA (1) 38.1 39.1 (2.7%) Adjusted EBITA (1) 30.2 31.4 (3.7%) Operating profit 27.0 25.5 +5.8% Adjusted profit before tax (1) 27.2 28.5 (4.6%) Profit before tax 24.2 22.9 +5.7% Euro cent Euro cent % change Adjusted fully diluted earnings per share (1) 4.86 4.84 +0.4% Basic earnings per share 4.73 4.03 +17.4% Diluted earnings per share 4.70 4.03 +16.6% Interim dividend per share 0.64 0.6095 +5.0% *All comparative information for the period ended 30 June 2013 has been restated to reflect the reclassification of fair value movements on contingent consideration. See Note 1 of the accompanying financial information for further details. (1) Key performance indicators defined Total revenue includes the Group's share of the revenue of its joint ventures and associates. Adjusted EBITDA is earnings before interest, tax, depreciation, acquisition related intangible asset amortisation charges and costs, fair value movements on contingent consideration and exceptional items. It also excludes the Group's share of these items within joint ventures and associates. Adjusted EBITA is earnings before interest, tax, acquisition related intangible asset amortisation charges and costs, fair value movements on contingent consideration and exceptional items. It also excludes the Group's share of these items within joint ventures and associates. Adjusted profit before tax excludes acquisition related intangible asset amortisation charges and costs, fair value movements on contingent consideration and exceptional items. It also excludes the Group's share of these items within joint ventures and associates. Adjusted fully diluted earnings per share excludes acquisition related intangible asset amortisation charges and costs, exceptional items and related tax on such items. It also excludes the Group's share of these items within joint ventures and associates.
Forward-looking statement
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 this press release and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in these statements, 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.
Summary of Results Total Produce (the 'Group') has delivered a robust performance in first half of 2014 against a background of less favourable market conditions with a marginal increase in adjusted earnings per share to 4.86 cent (2013: 4.84 cent). The performance in the period was satisfactory when measured against a very strong comparative period which included the results of Capespan Group Limited prior to its divestment on 23 April 2013 and the adverse translation impact of currency in the period. On a like-for-like basis, excluding the effect of divestments, acquisitions and currency translation, total revenue of EUR1.59 billion was 1.7% lower with some volume growth offset by average price decreases. Greater production and excess supply in some key produce lines led to downward pressure on prices in the period. Adjusted EBITA decreased by 3.7% in the period to EUR30.2m (2013: EUR31.4m) due to effect of average price decreases, divestments and currency translation partially offset by the incremental contribution of acquisitions completed in second half of 2013. Operating profit before exceptional items amounted to EUR24.5m (2013: EUR25.5m). In addition, the Group recognised an exceptional gain in the period of EUR2.5m due to a fair value uplift in an equity interest. In the comparative period there was a small net exceptional loss. A full analysis of the exceptional items is set out in Note 5 of the accompanying financial information. Operating profit inclusive of these exceptional items increased to EUR27.0m (2013: EUR25.5m). Statutory profit before tax in the period was up 5.7% to EUR24.2m (2013: EUR22.9m). Excluding exceptional items and acquisition related intangible asset amortisation charges and costs, adjusted profit before tax was EUR27.2m (2013: EUR28.5m). The Group continues to be cash generative, with operating cash flows of EUR20.6m for the six month period (2013: EUR25.4m) before seasonal working capital outflows. The Group has been active in corporate development in the period and has invested over EUR9m including contingent consideration payable on the achievement of future profit targets. The principal acquisition in the period was the agreement to acquire the second 50% shareholding in All Seasons Fruit ('ASF') in The Netherlands. An initial 20% shareholding was acquired on completion of the acquisition on 28 May 2014 with the balance to be acquired in subsequent years. ASF specialises in the soft fruit category. Post period-end the Group acquired a 45% interest in Eco Farms Investments Holdings LLC ('Eco Farms'), the Californian based avocado grower, marketer and distributor. The Group has options to acquire further shares in Eco Farms in due course to give Total Produce a majority stake. The Board is also pleased to announce a 5% increase in the interim dividend to 0.64 cent per share. Operating Review The table below details a segmental breakdown of the Group's revenue and adjusted EBITA for the six months ended 30 June 2014. Segment performance is evaluated based on revenue and adjusted EBITA. (Unaudited) (Unaudited) 6 months to 30 June 6 months to 30 June 2014 2013 Segmental Adjusted Segmental Adjusted revenue EBITA revenue EBITA* EUR'000 EUR'000 EUR'000 EUR'000 Fresh Produce * Eurozone 752,059 10,997 793,388 12,843 * Northern Europe 451,226 12,958 473,387 12,679 * UK 263,825 3,527 238,333 2,701 * International 90,546 1,804 131,955 1,551 Inter-segment revenue (29,454) - (30,324) - ------------ --------- ------------ --------- Total Fresh Produce 1,528,202 29,286 1,606,739 29,774 Healthfoods and Consumer Products 59,571 933 56,034 1,615 ------------ --------- ------------ --------- Third party revenue and adjusted EBITA 1,587,773 30,219 1,662,773 31,389 ------------ --------- ------------ --------- * 2013 information has been reclassified to conform to the current year presentation. Fresh Produce Division The Group's core Fresh Produce Division is involved in the sourcing,
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