Revenue declines at Total Produce amid 'challenging' conditions
Revenue at Total Produce was down 2pc on a like-for-like basis in the six months to 30 June, with a decrease in volume partially off-set by an increase in price.
In the Eurozone, revenues decreased by 6.6pc amid a "challenging trading environment," according to interim results from the group.
Overall the group reported a turnover of €3bn for the period, a jump of 39.6pc on last year, however this includes the company’s 45pc of Dole Food.
Meanwhile, adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 106.6pc to €117.1m, again benefitting from group’s share of Dole.
Adjusted EBITA excluding Dole contribution declined by around 6pc to €42.8m during the period.
Total Produce’s net debt stood at €294.3m at June 30th, €121m higher than the same point last year, driven up largely by the additional finance required for the Dole investment.
Elsewhere, in the company’s international segment revenues increased by 8.7pc to €605m, up around 2pc on a like-for-like basis.
Roland French, analyst at Davy, said: "Despite a sundry of sector headwinds, Total Produce has delivered a resilient Half 1 performance and has reiterated full-year earnings per share guidance."
"While like-for-like revenues in the core business were down 2pc – challenged by competitive markets and international trade tensions – Dole’s EBITA was ahead of our expectations."