Total Produce records strong results in the first half of 2020
Very strong performance in the first half of 2020 in the context of the unprecedented challenges posed by COVID-19 to the global economy
- Total revenue up 2.0% to €3.112 billion
- Adjusted EBITDA up 0.9% to €118.2m
- Adjusted EBITA down 1.5% to €91.5m
- Adjusted profit before tax up 1.7% to €67.1m
- Adjusted fully diluted EPS down 3.6% to 9.45 cent
- The Group is in a strong financial position, Net debt of €218.8m (June 2019: €294.3m)
- 2019 final dividend of 2.577 cent per share to be paid in September 2020
- Interim dividend of 0.9129 cent per share, unchanged on the prior year, to be paid in January 2021
Commenting on the results, Carl McCann, Chairman, said:
“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. 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. Their dedication, commitment and hard work ensured the Group’s supply chains and operations continue to function and remain open across all our key markets.
In the first half of 2020, revenue and adjusted EBITDA have increased by 2.0% and 0.9% respectively demonstrating the robustness of the Group’s business model. Demand from retail and wholesale remained strong and helped offset reduced demand from the food service sector.
The Group expects revenue and adjusted EBITDA to be slightly ahead of 2019 on a full year basis with adjusted EPS slightly behind subject to the prevailing uncertainties of COVID-19. The Group intends 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”.
27 August 2020
For further information, please contact:
Brian Bell, Wilson Hartnell PR – Tel: +353-1-669-0030, Mobile: +353-87-243-6130