Total Produce reports 'satisfactory' start to year

International fresh produce supply company Total Produce updated the market on its trading on Thursday, ahead of its annual general meeting, confirming that trading for the first four months of the year had been “satisfactory”.

The AIM-traded firm raised its full-year adjusted earnings per share guidance into the upper half of its previously-announced 12-13 cent range.

As it had previously announced on 2 March, the group purchased a further 30% of the Oppenheimer Group for a consideration of €28.4m.

In addition to the initial 35% acquired in 2013, that brought Total Produce's shareholding in Oppy to 65% after a total investment of €43.4m (CAD 60.6m).

Headquartered in Vancouver, Canada and with sales of almost CAD 1bn (€720m), Total Produce said Oppy operated 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 cents per share will be paid on 26 May 2017 representing a 10% increase on last year,” the board said in a statement.

“Total Produce is in a strong financial position and continues to pursue attractive acquisition opportunities to further expand the group.”