Total Produce's full-year growth expectations "unchanged"

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Total Produce's full-year growth expectations

Ireland-based multinational Total Produce has announced it is targeting "continued growth for 2018 on a like-for-like basis and excluding the impact of the Dole transaction."

It said its full-year growth expectations were "unchanged" and that the first half-year growth would be limited due to the "unusual weather and currency movements" in the period.

On Feb. 1 this year the group entering into a binding agreement to acquire a 45% stake in Dole Food Company for US$300 million. The deal is subject to regulatory approval and is expected to close in the second half of 2018. 

The company issued 63 million new ordinary shares raising US$180 million to finance the Dole transaction.

"The 2019 financial year will be the first full year reflecting the scale of this transformative transaction," it said.

Subject to shareholder approval, a final dividend of 2.4527 cent per share will be paid on 1st June 2018 representing a 10% increase on last year.

"Total Produce is in a strong financial position and the Dole transaction represents a very significant step and a continuation of the Group’s successful expansion strategy," it said.

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