Ireland's Total Produce notches higher revenues and profits in 2019

Ireland’s Total Produce notches higher revenues and profits in 2019

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Ireland-headquartered multinational Total Produce has reported a stellar financial year for 2019, which saw its revenues and profits soar.

It is the first year to include 12 months’ contribution from Dole Food Company, in which Total Produce acquired a 45% stake for US$300m in July 2018. The group’s total revenue grew by 22% to €6.2bn (US$7bn), while adjusted profit before tax rose by 28% to €98.3m (US$110m).

“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,” chairman Carl McCann said. Total Produce says it is monitoring Covid-19 and explains that “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 company is targeting continued growth, it added. Regionally, the performance of the European non-eurozone remains strong and performed in line with 2018, with EBITA falling very slightly to €40.6m.

The situation in the eurozone was more challenging. EBITDA reduced by €5.4m to €21.8m, which Total Produce attributed party to competitive vegetable and salad markets in the Netherlands. It also noted that Southern Europe performed well against a strong comparative period. There was also continued growth in the international segment, with EBITDA rising from €18.9m to €22.3m.

The company’s 45% stake in Dole contributed revenues of €1.8bn and EBITDA of €65.4m, which it described as a “strong performance”. Total Produce added that Dole’s fresh fruit division performance was strong and in line with 2018.

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