Total Produce (AIM:TOT) – producing the goods….if not the cash
It’s been a day of terrific results from AIM with the ESM/AIM dual listed fresh produce distributor joining the party with a lovely set of numbers (boosted by some currency gains) supporting a material increase to the dividend. Unfortunately cash flow didn’t appear as rosy, although there were some seasonal issues in there. The earnings guidance for the full year was lifted.
Total Produce sources and distributes an extensive range of fresh produce across all major categories including fruits, vegetables and salad - extending from the more familiar to the truly exotic.
Total revenue increased 9.2% to €1.73 billion with adjusted EBITA up 10.9% to €33.5m (2014: €30.2m). The results benefited from a stronger operational performance and recent acquisitions. There was a net positive impact on translation of the results of foreign currency denominated operations to…
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