Total Produce continues growth in 2018
- Total Revenue up 17.7% to €5.04 billion
- Total Revenue (excluding Dole) up 1.6% to €4.35 billion
- Adjusted EBITDA up 27.6% to €133.3m
- Adjusted EBITDA (excluding Dole) up 5.7% to €110.4m
- Adjusted fully diluted EPS (including Dole and the related share placing) of 10.51 cent
- Adjusted fully diluted EPS (excluding Dole and the related share placing) up 0.1% to 13.50 cent (up 2.7% constant currency)
- Total dividend up 2.5%
Key performance indicators are defined overleaf
Commenting on the results, Carl McCann, Chairman, said:
“We are pleased that Total Produce has delivered continuing good results in a more challenging year. Adjusted EBITDA was up 27.6% to €133.3m. On a like-for-like basis, excluding Dole, Adjusted EBITDA was up 5.7% with adjusted fully diluted earnings per share up 0.1%. On a constant currency basis, excluding Dole, adjusted EBITDA and adjusted fully diluted earnings per share were up 8.9% and 2.7% respectively.
On 1st February 2018, Total Produce announced an agreement to acquire 45% of Dole for $300m and issued 63 million ordinary shares (representing c. 19% of ordinary shares) raising $180m to part finance the acquisition. The acquisition of the shareholding in Dole represents a transformational change for Total Produce and brings together two of the world’s leading fresh produce companies. The transaction completed on 31 July 2018 and the first full year including the Dole results will be 2019.
Trading in early 2019 has been satisfactory. Total Produce is targeting an increase in the 2019 adjusted fully diluted earnings per share, including Dole in the mid-to-upper single digit range over the 2018 adjusted earnings per share of 13.50 cent.
The Group is also pleased to propose a 2.5% increase in final dividend to 2.5140 cent per share”.
For further information, please contact:
Brian Bell, Wilson Hartnell PR – Tel: +353-1-669-0030, Mobile: +353-87-243-6130