Total Produce has reported an increase of revenue of 12% to €2.15 billion in its financial results for the first half of the year to 30 June 2017.
The group says that its half year results benefited from the contribution of acquisitions in the period, as well as around 4% like-for-like growth in revenue.
Total Produce’s results also reveal operating cashflows of €33.3 million (compared with €32.5 million in 2016) before normal seasonal working capital outflows.
It also reported that its adjusted profit before tax has increased by 11.8% to €3.9 million. Adjusted EBITDA (earnings before interest, tax, depreciation, acquisition) grew by 9.5% to €52.8 million.
International Expansion
Commenting on the results, Carl McCann, Chairman of Total Produce, said, "Total Produce has delivered a strong first half-year performance in 2017. Revenue has increased by 12.2% to €2.15 billion and adjusted earnings per share has increased by 10.1% to 6.78 cent.
"The group has continued its international expansion with a number of significant North American transactions. It increased its shareholding in the Oppenheimer group (‘Oppy’) from 35% to 65%.
"In addition, Oppy concluded important strategic agreements with the New Zealand based T&G Global. The Group’s Los Angeles headquartered Progressive Produce business increased its scale with the acquisition of Keystone Fruit Marketing. The Group is actively pursuing further investment opportunities."
He concluded that, "We are pleased to announce a 10% increase in the interim dividend to 0.8906 cent per share. The group continues to target increased full-year adjusted earnings per share in the upper half of the previously-announced range of 12.0 to 13.0 cent per share."
© 2017 - Checkout Magazine by Jenny Whelan
