Total Produce's Revenue Up 22.4% To €6.2bn In FY
Published on Mar 5 2020 9:49 AM
Total Produce posted a 22.4% revenue increase to €6.2 billion in 2019, its latest financial results show.
The fruit and veg firms adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 52.1% to €202.8 million and its adjusted earnings before, interest, tax and amortisation (EBITA) was up 53.1% to €150.1 million, according to its 2019 Preliminary Results.
The groups adjusted profit before tax increased by 27.9% to €98.3 million, during the period.
“We are pleased that the Group has delivered a strong performance in 2019 with a 41.4% increase in adjusted fully diluted earnings per share," said Carl McCann, Chairman.
The increase was due to the incremental benefit of the acquisition of Dole, the improvement of the Fresh Vegetable Division in Dole, good trading in the International division offset in part by competitive conditions in certain markets in the Eurozone, the company said in a statement.
The acquisition of Dole, worth $300 million, was completed on 31 July 2018 having received regulatory approvals.
The results for the year include the Group’s 45% share of Dole Food Company for the full year.
"This is the first year to include twelve months contribution from Dole Food Company, Inc.," McCann commented.
McCann said that the group is monitoring Covid-19 and, while it is too early to form a definitive view, any disruption is not expected to be material.
"Trading in early 2020 has been satisfactory and the Group is targeting continued growth," he added.
The Group is also pleased to report a 2.5% increase in the final dividend to 2.5770 cent per share”
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