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Fresh Produce

Total Produce Records Strong Results In The First Half Of 2020

Fresh produce firm Total Produce has recorded a strong performance in the first half of 2020.

In its latest financial report, the group posted a total revenue increase of 2.0% in the half-year period, to €3.11 billion, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) up 0.9% to €118.2 million.

Adjusted earnings before interest, taxes, and amortization (EBITA) was down 1.5% however, with adjusted fully diluted earnings per share (EPS) down 3.6% to 9.45 cent.

"We are pleased with the very strong performance in the first half of 2020 against the backdrop of the COVID-19 pandemic which has posed unprecedented challenges to the global economy," said Carl McCann, chairman, Total Produce.

"The health and wellbeing of our people is our number one priority while at the same time recognising our role in supplying vital foodstuffs, particularly during the pandemic. We are very proud of the efforts of all our people," he added.

Financial Position

In a statement, Total Produce said that it is in a 'strong financial position' with net debt of €218.8 million, down from €294.3 million as of June 2019.

Looking ahead to the remainder of the year, Total Produce said that it expects revenue and adjusted EBITDA to be 'slightly ahead' of that of 2019, with adjusted EPS slightly behind due to the 'prevailing uncertainties' of COVID-19.

It said that it plans to pay a 2020 interim dividend of 0.9129, unchanged on the prior year.

"The Group remains in a very strong financial position and continues to actively pursue the growth and expansion of the business," McCann added.

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