New investments boost Total Produce results
Total Produce notched a 43% increase in profit before tax previous year to reach €72.5 million, bolstered by global acquisitions and bolt-on investments in Europe.
It said the results benefited from the contribution of acquisitions completed in the past year offset in part by currency translation to weak pound.
Total Produce, one of the world's largest fresh fruit providers, saw total revenue past year grow by 13.9% to €4.29 billion. Adjusted earnings before interest, tax and amortisation rose 4 per cent to €27 million. The company says that overall trading conditions were satisfactory, despite some volume shortages.
The North American division saw overall volumes rise on a like-for-like basis, but lower pricing held back its results, a situation that was attributed to surplus product in the market and the impact of weather conditions on quality.
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Outside the Eurozone, in the Czech Republic, Poland, Scandinavia and the United Kingdom, sales were 1.4 per cent higher at €1.54bn with adjusted EBITA increasing by 7.6 per cent to €41.7m, buoyed by the aforementioned "bolt-on" acquisitions as well as higher average prices, but pegged back by less advantageous rates of exchange in the United Kingdom and Sweden. Adjusted EBITDA, one of Total's key performance indicators, increased by over 10% to €104.4m.
Total's chairman Carl McCann said the company had delivered "very positive results" for the year - supported by a 10% increase in total dividend to 3.34c per share - and is targeting continued like-for-like growth this year.
Last month, Total agreed to buy a 45% stake in U.S. fruit giant Dole, for €241m, with the deal - Total's largest transactional move to date - set to be partially funded by a $150m share placing.
But Total Produce had its fair share of M&A activity in 2017 as well.
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