Total Produce continues strong growth in 2017 results

Business | Thu 1 Mar | Author – Business & Finance
Phil Hogan, European Commissioner for Agriculture and Rural Development alongside Rory Byrne, CEO, Total Produce

Total Produce, one of the world’s largest fresh fruit providers, saw total revenue last year grow by 13.9% to €4.29 billion.

The company’s preliminary announcement also saw the total dividend rise to 10%, which will sure to please shareholders.

Profit before tax was up 43.2% to €72.5 million with adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) up 10.1% to €104.4 million. EBITA was up 13.3% to €83.5 million.

News at the beginning of the year saw Total Produce continue its acquisition activity, this time pushing into North America, acquiring a 45% stake in the Dole Food Company for $300 million. This saw Total Produce bag Business & Finance‘s Company of the Month for January.

The Chairman of Total Produce, Carl McCann, said of the results: “Total Produce has delivered very positive results in 2017. Total revenue has increased by 13.9% to €4.29 billion with an 11.7% increase in adjusted earnings per share to 13.48 cent.

“The Group announced on 1st February 2018 that it had acquired a 45% stake in Dole Food Company for $300m, subject to regulatory approval. It represents a very significant step in the history of Total Produce and a continuation of its successful acquisition and expansion strategy.

“Total Produce is targeting continued growth in 2018, on a like-for-like basis. The Group is also pleased to propose a 10% increase in final dividend to 2.4527 cent per share.”

The full report can be viewed here.