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Fresh Produce

Total Produce Delivers 'Very Strong' Performance In 2016

Total Produce has delivered a 'very strong' performance last year, according to its 2016 Preliminary Results the group posted today (2 March).

It's total revenue, adjusted EBITA and adjusted fully diluted earnings per share grew by 8.9%, 15.0% and 14.1% respectively.

Commenting on the results, Carl McCann, Chairman, said: “We are pleased that Total Produce has continued to deliver very strong growth in 2016. Total revenue has increased by 8.9% to €3.76 billion with a 14.1% increase in adjusted earnings per share to 12.07 cent."

The Irish fresh produce provider outlined that the results benefited from acquisitions completed in the year and a circa 4% like-for-like growth in revenue arising from both marginal volume growth and higher average prices.

"The Group has made a number of fresh produce acquisitions in 2016 in Europe and North America with a total expenditure of €60m, including €17m of contingent consideration. The Group acquired 65% of Progressive Produce, the Los Angeles based company with sales in excess of $200 million along with further investments in a number of top quality produce companies.

In addition, Total Produce has in 2017 agreed to invest €28m to increase its shareholding in the North American based Oppenheimer Group which has entered into strategic agreements in North America with the New Zealand based T&G Global." McCann added.

© 2017 - Checkout Magazine by Donna Ahern

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