Fresh produce company Total Produce has reported higher pre-tax profits and revenues for last year in which it made a number of fresh produce acquisitions in Europe and North America.

Total Produce said its adjusted pre-tax profit rose by 16.8% to €67.7m, while revenues for the year to the end of December grew by 8.9% to €3.76 billion.

The company also said it was proposing a 10% increase in its final dividend to 2.2297 cent per share.  

Total said its results benefited from the contribution of acquisitions completed in the past year and good trading conditions in many key locations. 

But it added that this was partly offset by the €1.9m negative impact on translation of the results of foreign currency denominated operations to euro, including the weaker sterling.

It also noted unsatisfactory trading conditions in the non-fresh produce businesses. 

"The group is continuing to actively pursue additional acquisitions and is targeting 2017 adjusted earnings per share in the range of 12.0 to 13.0 cent per share," commented its chairman Carl McCann.

Total Produce also said today it had completed the purchase of a further 30% of Canada's Grandview Ventures Limited for €28.4m. The company trades under the names of the Oppenheimer Group and Oppy.

This brings Total Produce's shareholding of GVL to 65% after a total investment of €43.4m.

Today Produce also said today that Oppy had agreed a "strategically-important" deal with New Zealand based T&G Global Limited which will enable both firms to enhance their market positions as co-shareholders in two US produce businesses.

Carl McCann said the company was very pleased to increase its shareholding in Oppy and for Oppy and Total Produce to strengthen ties with T&G Global.