Fresh produce company Total Produce has reported higher revenues and adjusted profit before tax for the year to the end of December despite the "unprecedented challenges" posed by Covid-19 to the global economy.
Last week Total Produce announced a deal to combine with the Dole Food Company, which will see the company move its listings from Dublin and London to the US.
In 2018, 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.
The combined company, operating under the Dole brand, will be incorporated in Ireland, with its global headquarters in Dublin and the headquarters for the Americas in Charlotte, North Carolina.
Total Produce said its revenues for 2020 rose by 1.7% to €6.259 billion, while its adjusted profit before tax increased by 18% to €116m.
But the company's profit before tax and after exceptional items fell by 3% to €73.5m from €76.5m the previous year.
Total Produce said it intends to pay a final dividend of 2.770 cent per share in May, representing an increase of 7.5% on 2019.
The total dividend for 2020 will amount to 3.6829 cent per share and represents an increase of 5.5% on 2019.
Total Produce said it delivered very strong results for 2020 against the backdrop of the unprecedented uncertainties and challenges in the global marketplace arising from the prolonged effects of the Covid-19 pandemic.
It said the coronavirus outbreak continues to be an ongoing challenge for the group and the wider fresh produce industry.
Carl McCann, the company's chairman, said today's "strong" results demonstrate the robustness of the group's business model in the face of the unprecedented challenges posed by the ongoing Covid-19 pandemic.
"We are very proud of our people worldwide. Their dedication, commitment and hard work ensured the group's supply chains and operations continue to function and remain open across our key markets," Mr McCann added.
On the Dole deal, Carl McCann said the combined company will become the largest player in fresh produce with a highly diversified portfolio, resilient earnings and a strong balance sheet that positions it well for accelerated growth.
"We look forward to beginning this next chapter and providing increased opportunity for our shareholders, dedicated employees, customers, suppliers and partners," he added.
He also said that Total Produce's trading has been satisfactory in early 2021.
