Fresh produce giant Total Produce has seen its full year revenue rise 1.6% in full year 2018 (if the Dole acquisition is excluded), to €4.35 billion.
If the Dole acquisition is included, revenue rose by 17.7% to €5.04 billion.
Adjusted EBITDA (excluding Dole) was up 5.7% to €110.4 million.
Challenging Year
“We are pleased that Total Produce has delivered continuing good results in a more challenging year,” commented Total Produce chairman Carl McCann.
“Adjusted EBITDA was up 27.6% to €133.3m. On a like-for-like basis, excluding Dole, Adjusted EBITDA was up 5.7% with adjusted fully diluted earnings per share up 0.1%. On a constant currency basis, excluding Dole, adjusted EBITDA and adjusted fully diluted earnings per share were up 8.9% and 2.7% respectively.”
In February of last year, Total Produce announced it was to acquire 45% of Dole for $300 million, in a deal it described as a representing a ‘transformational change for Total Produce [that] brings together two of the world’s leading fresh produce companies’.
The transaction was completed in July 2018.
Total Produce noted that trading on the year to date has been ‘satisfactory’, adding that the company is targeting an increase in 2019 earnings per share in the mid-to-upper single digit range.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
