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Total Produce ripens 2016 earnings target

Published: 05:19 25 May 2016 EDT

Pictured some tomatoes
The firm distributes fresh produce

Shares in fruit and veg distributor Total Produce PLC (LON:TOT) gained in early deals as raised its 2016 earnings target and continues to pursue acquisition opportunities.

The group, spun out of Fyffes, has raised the adjusted EPS to the upper half of the previously announced 10.50 cent to 11.50 cent range after trading for the first four months of the year had been satisfactory.

A final dividend is proposed of 2.027 cent per share to be paid on May 26 representing a 15% increase on last year.

Since the beginning of 2016, the group has completed the acquisition of a 65% stake in Progressive Produce, the California-based grower and distributor and completed a €20mln share buy-back programme in January.

Shares added 1.19% to 127.5p.

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