Total Produce, the Irish fresh produce supplier, has reported a 13% increase in earnings (EBITDA) to €48.2m for the first six months of its financial year. Half-year revenues for the Dublin-based group increased more than 10% to €1.9bn, while pre-tax profits rose 6% to €25.6m.

Earnings per share (EPS) for the six months increased almost 12% to 6.16c per share, which has prompted the group to say it is now targeting full-year earnings at the top end of its previous forecast range of 10.5c to 11.5c per share.

Carl McCann, chair of Total Produce, said the group had delivered a “strong performance” in the first six months of 2016 as a result of higher average sales prices and volumes. Recent acquisitions also contributed to the strong growth across the business.

Acquisitions

In February, Total Produce acquired a 65% stake in the Los Angeles-based company Progressive Produce for an undisclosed sum. The group said it made a number of other smaller investments and would continue to pursue further acquisitions.

As a result of the strong half-year performance, McCann said the company was increasing its interim dividend to shareholders by 10% to almost 81c per share. In early trading on Tuesday, shares in Total Produce were trading more than 3% higher at €1.61.

Total Produce, which was spun out from the Fyffes business, is primarily involved in the procurement, marketing and distribution of hundreds of lines of fresh produce with over 100 facilities located across Europe, North America and India.