Total Produce continues strong earnings growth in 2019
- Total Revenue up 39.6% to €3.051 billion
- Adjusted EBITDA up 106.6% to €117.1m
- Adjusted EBITA up 103.5% to €92.8m
- Adjusted profit before tax up 57.8% to €65.9m
- Adjusted fully diluted EPS (excluding impact of new lease accounting standard) up 71.4% to 10.30 cent
- Adjusted fully diluted EPS up 63.1% to 9.80 cent
- Interim dividend of 0.9129 cent per share, unchanged
Performance measures are defined on page 34
Commenting on the results, Carl McCann, Chairman, said:
“Total Produce, the leading international fresh produce company is pleased to report strong results for the first half of the year. As previously announced, the Group completed the acquisition of a 45% stake in Dole Food Company (‘Dole’), one of the largest fresh produce companies in the world on 31 July 2018. This is the first full year incorporating the Group’s share of Dole’s results.
Total Produce recorded a 71.4% increase in adjusted fully diluted EPS in the first half year, excluding the impact of the new lease accounting standard, due primarily to the contribution of Dole. This was in turn slightly offset by certain Eurozone markets. The results of Dole are in line with expectations led by a good recovery in the Fresh Vegetables division. The Dole business is seasonal with the greater share of earnings recorded in the first half of the financial year.
For the full year, Total Produce continues to target an increase in the adjusted fully diluted EPS, excluding the impact of the new lease accounting standard, in the mid-to-upper single digit range over the 2018 adjusted fully diluted EPS of 13.50 cent.
The Group is pleased to announce an interim dividend of 0.9129 cent per share, unchanged on the prior period”.
For further information, please contact:
Brian Bell, Wilson Hartnell PR – Tel: +353-1-669-0030, Mobile: +353-87-243-6130