Total Produce, the food distributor spun out of Fyffes, has raised its full-year earnings per share target into the upper half of the previously announced 10.50 cent to 11.50 cent range.

In a trading update issued ahead of its AGM, the company said trading for the first four months of the year had been satisfactory

Since the beginning of 2016, the group completed the acquisition of a 65 per cent shareholding in Progressive Produce, the California-based grower and distributor.

Total Produce also completed a €20 million share buy-back programme in January and said it may purchase Total Produce shares in the market as appropriate, subject to the annual shareholder approval at its meeting on Wednesday.

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