Total Produce reaffirms growth target

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Total Produce reaffirms growth target

Ireland-based Total Produce has confirmed it continues to target adjusted EBITDA growth in the mid-single-digit range, excluding the 45% Dole contribution for the five months ending December 2018.

The company said it is also targeting 2018 full-year adjusted earnings per share on a like-for-like basis in line with 2017, excluding Dole and related share issue.

"Fresh produce markets have experienced periods of shortage and periods of oversupply in 2018 caused by extended unusual weather conditions which impacted supply and demand and led to lower pricing," it said.

"For 2019 including Dole, Total Produce is targeting an increase in the adjusted earnings per share in the mid-to-upper single-digit range over the 2018 adjusted earnings per share which excludes Dole."

In late August Total Produce announced a 19.4% rise in pre-tax profit to €42.3 million (US$67.5 million) in the first half of the year, thanks in part to the incremental contribution of its acquisitions.

The group’s total revenue rose by 1.8% to €2.19 billion (US$3.5 billion) while EDIBDA increased by 7.4% to €56.7 million over the six months ended June 30.

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