Global fruit and vegetable distributor Total Produce has reported a 17.7% increase in revenues for the year to the end of December despite what it called a more challenging year.
Revenues - including figures from the purchase of Dole - for the year rose to €5.043 billion from €4.286 billion in 2017, while profits before tax fell by 3.7% to €72.5m to €69.8m.
During the year, Total Produce agreed to buy a 45% stake in Dole Food Company - one of the world's biggest fresh fruit and vegetable companies - for €300m.
Today's results include the group's 45% share of Dole for the last five months of the year when the deal was completed.
Total Produce said that excluding the results of Dole, it delivered a "good performance" last year with total revenue, EBITDA and adjusted EBITA up by 1.6%, 5.7% and 5% respectively.
The board has announced a 2.5% increase in its final dividend to 2.5140 cent. If approved, the total dividend for 2018 will amount to 3.4269 cent per share, up 2.5% on the total dividend for 3017.
Carl McCann, the chairman of Total Produce, said that trading in early 2019 has been "satisfactory".
"Total Produce is targeting an increased in the 2019 adjusted fully diluted earnings per share, including Dole, in the mid-to-supper single digit range over the 2018 adjusted earnings per share of 13.50 cent," Mr McCann added.
He said the acquisition of the Dole stake represented a "transformational" change for the company and brought together two of the world's leading fresh produce companies.
Total Produce said today that while the outcome of the UK's exit from the European Union remains unclear, Brexit committees - set up in the relevant areas of the business - are continuing to assess and prepare for risks which may arise in the coming months.
In its results statement, Total Produce said that fresh produce markets, especially in Europe, were challenged with extended unusual weather conditions that continued from the summer months into autumn which hit its supply and demand dynamic.
It noted that volume increases in the North America business compensated for a small decrease in volumes in the European business.
The company's Europe - Eurozone - division saw revenues fall by 1.2% to €1.717 billion with a 1% rise in adjusted EBITA to €27.3m. The division includes the company's operations in Ireland, France, Italy, the Netherlands and Spain.
Revenues at its Europe - non-euro zone - division, which includes the Czech Republic, Poland, Scandinavia and the UK, fell by 2% to €1.512 billion with adjusted EBITA down 0.3% to €41.6m on the back of currency issues.
Total's International division - which includes its businesses in North America, South America and India, saw a 10.7% rise in revenue to €1.175 billion with adjusted EBITA jumping over 27% to €18.9m on the back of the contribution of acquisitions.
Shares in the company rose in Dublin trade today.
