Global fruit and vegetable distributor Total Produce has reported a 39.6% increase in revenue to over €3 billion for the first half of the year.
The group completed the acquisition of a 45% stake in Dole Food Company, one of the largest fresh produce companies in the world on July 31 2018. This is the first full year incorporating the group's share of Dole’s results.
Total Produce delivered a resilient first half performance with adjusted profit before tax up 57.8% to almost €66 million. EBITA was ahead of expectations, up 103% to €92.8 million.
The company's interim dividend of 0.9129 cent per share remains unchanged.
Carl McCann, chairman of Total Produce, said the company recorded a 71.4% increase in adjusted fully diluted EPS in the first half year, excluding the impact of the new lease accounting standard, due primarily to the contribution of Dole.
"This was in turn slightly offset by certain Eurozone markets," he said. "The results of Dole are in line with expectations led by a good recovery in the Fresh Vegetables division. The Dole business is seasonal with the greater share of earnings recorded in the first half of the financial year."
