Total Produce sees increase in revenue

Irish-based Total Produce, one of the largest fresh produce businesses in the UK, reported ‘very strong’ financial results for the first half of the year, despite  the challenges presented by the Covid-19 epidemic.

Total revenue was up 2.0 per cent to €3.112 billion, and adjusted profit before tax rose 1.7 per cent to €67.1 million. Analysts saw the performance in a positive light, particularly in view of Total’s investment in US fresh produce busines Dole. Dole recorded revenues of ‘US$2.2 billion for the period, down 1.2 per cent on the previous year.’

Total Produce chairman Carl McCann commented, “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, and intends to pay a 2020 interim dividend of 0.9129, unchanged on the prior year.

Phot caption: Carl McCann of Total Produce

Photo source: Total Produce

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