Profit surges at Total Produce in 2019

Revenue at fruit and vegetable producer Total Produce rose 22.4 per cent in 2019, reaching €6.2 billion, preliminary results from the company showed.

Adjusted pretax profit rose almost 28 per cent to €98.3 million for the year. Adjusted earnings before interest, taxation, depreciation and amortisation was up 52.1 per cent to €202.8 million, with fully diluted earnings per share up 41.4 per cent.

The company said its final dividend rose 2.5 per cent year-on-year.

This is the first year the results have included a 12-month contribution from Dole Food Company, in which Total Produce bought a 45 per cent stake for $300 million in July 2018.

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Chairman Carl McCann said the company was pleased with the strong performance in 2019. “Trading in early 2020 has been satisfactory, and the group is targeting continued growth.”

While the current outbreak of coronavirus is not expected to have any material impact on Total Produce’s business, Mr McCann said it was too early to form a “definitive view”, and that the group would continue to monitor the situation.