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Total Produce H1 revenues up 2% on strong demand

Total Produce said the Covid-19 outbreak is an ongoing challenge for the group and the wider fresh produce industry
Total Produce said the Covid-19 outbreak is an ongoing challenge for the group and the wider fresh produce industry

Fresh produce provider Total Produce has reported marginal gains in revenues and adjusted EBITDA for the six months to the end of June.

It said that demand from the retail and wholesale sectors remained strong and helped offset reduced demand from the food service sector amid the Covid-19 pandemic.

Total Produce said its half yearly revenues rose by 2% to €3.112 billion while EBITDA increased by 0.9% to €118.2m.

The company's adjusted profit before tax rose by 1.7% to €67.1m. 

Total Produce also said it was proposing an interim dividend of 0.9129 cent per share, unchanged from the previous year. 

The company said that the Covid-19 outbreak is an ongoing challenge for the group and the wider fresh produce industry. 

"The health and wellbeing of our people is the group's number one priority while at the same time recognising the vital role in continuing to keep the supply chains open and supplying essential foodstuffs," it said.

"The group's strong presence in the global fresh produce industry, the diversity of its operations and products together with the exceptional response from our people have enabled us to meet these challenges," it added. 

Chairman Carl McCann Chairman said the company was 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. 

Mr McCann said the Group expects revenue and adjusted EBITDA to be slightly ahead of 2019 on a full year basis with adjusted earnings per share slightly behind subject to the prevailing uncertainties of Covid-19. 

"The group remains in a very strong financial position and continues to actively pursue the growth and expansion of the business," he added,