Total Produce has rounded off an eventful 2018 by turning in a strong set of full-year results, with total revenue and adjusted EBITDA both increasing.
Total revenue for the group grew 17.7 per cent to €5.04bn, while revenue excluding Dole – the company Total Produce acquired a 45 per cent share in last February – rose 1.6 per cent to €4.35bn.
Adjusted EBITDA jumped 27.6 per cent on a year-on-year basis, up to €133.3m, while EBITDA excluding Dole climbed 5.7 per cent to €110.4m.
“We are pleased that Total Produce has delivered continuing good results in a more challenging year,' said chairman Carl McCann.
'On 1 February 2018, Total Produce announced an agreement to acquire 45 per cent of Dole for US$300m and issued 63m ordinary shares (representing c. 19 per cent of ordinary shares) raising US$180m to part finance the acquisition,' he outlined. '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,' McCann added. '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.'
