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Revenue increases to €3.1bn at Total Produce

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Carl McCann of Total Produce

Carl McCann of Total Produce

Carl McCann of Total Produce

Fruit and vegetable producer Total Produce has seen its revenue climb 2pc to €3.1bn in the first half of this year.

Adjusted profit before tax also increased, up 1.7pc to €67.1m, according to interim results.

Carl McCann, chairman of Total Produce, said: We are pleased with the very strong performance in the first half of 2020 against the backdrop of the Covid-19 pandemic which has posed unprecedented challenges to the global economy.”

During the period “strong” demand from retail and wholesale helped offset reduced demand from the food service sector.

It also benefitted from the contribution of bolt-on acquisitions made in the past twelve months.

The group said it is in a “strong” financial position, with net debt having reduced to €219m at June 30 from €293m at the corresponding time last year.

Total Produce will pay a final dividend of 2.577 cent per share in respect of 2019, this will be paid to shareholders next month.

An dividend of 0.9129 cent per share, unchanged on last year, will be paid out next January.

Looking forward, the group expects revenue and adjusted earnings before interest, tax, depreciation and amortisation to be “slightly ahead” of last year on a full year basis, with adjusted earnings per share slightly behind subject to the prevailing uncertainties of Covid-19.

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