Profit up over 40pc at Total Produce as acquisitions pay dividend
Total Produce, a world leading producer and distributor of fresh produce, has seen its profit before tax increase by 43pc year-on-year to €72.5m in the 12 months to 31 December 2017.
The increase in profit was driven by acquisitions during 2017.
Revenue at the company, which in February announced that it was to purchase an initial 45pc in Dole Food for $300m, jumped 13.9pc to €4.28bn, according to the group’s financial statement today.
Meanwhile the Irish company’s adjusted earnings before interest, tax and amortisation was 13.3pc higher year-on-year at €83.5m.
On a like-for-like basis, excluding acquisitions, divestments and currency translations, revenue was 4pc higher due to higher average pricing.
"Total Produce has delivered very positive results in 2017. Total revenue has increased by 13.9pc to €4.29bn with an 11.7pc increase in adjusted earnings per share to 13.48 cent," Carl McCann, Total Produce chairman, said.
Overall, cash outflows on acquisition, which are a key part of the groups growth strategy, amounted to €44.7m during the year.