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Total Produce Navigates 'Unprecedented Challenges' To Post 1.7% Revenue Rise

Total Produce has reported a 1.7% revenue increase in its 2020 financial year, to €6.26 billion, in spite of the 'unprecedented challenges posed by COVID-19'.

In what the group described as a 'very strong performance', adjusted EBITDA was up 8.2% to €219.4 million.

Total Produce intends to pay a final dividend of 2.770 cent per share, which is an increase of 7.5% on the final dividend the previous year.

"These strong results demonstrate the robustness of the group’s business model in the face of the unprecedented challenges posed by the ongoing COVID-19 pandemic," said Carl McCann, Total Produce chairman.

McCann added that trading to date in full-year 2021 has been "satisfactory".

Last week, the group announced that it would be combining with Dole Food Company to form a new business, Dole plc, which will have combined revenues of around $10 billion.

Commenting on the deal, McCann said, "The decision to list the new company in the United States marks an exciting next step. The combined company will become the largest player in fresh produce with a highly diversified portfolio, resilient earnings and a strong balance sheet that positions us well for accelerated growth."

© 2021 Checkout – your source for the latest Irish retail news. Article by Stephen Wynne-Jones. Click sign up to subscribe to Checkout.

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