Total Produce's 2018 revenues rise 18% on back of Dole investment
Ireland-based fruit and vegetable multinational Total Produce notched a 17.7% year-on-year rise in revenues in 2018, driven in part by the investment in Dole completed at the end of July.
Revenues - including figures from the company's 45% stake in Dole - increased to €5.043 billion from €4.286 billion, although pre-tax profit fell 3.7% to €69.8 million from €72.5 million.
Excluding the results of Dole over the final five months of the year, Total Produce registered a 1.6% rise in revenue to €4.35 billion and a 5.7% increase in adjusted EBITDA to €110.4 million.
The first full year including the Dole results will be 2019
“We are pleased that Total Produce has delivered continuing good results in a more challenging year," said Carl McCann, chairman of Total Produce.
He added that trading in early 2019 has been "satisfactory".
"Total Produce is targeting an increase in the 2019 adjusted fully diluted earnings per share, including Dole in the mid-to-upper single digit range over the 2018 adjusted earnings per share of 13.50 cent," he said.
He described the acquisition of the Dole shareholding - a €300 million deal announced in February 2018 - represents a "transformational change" for Total Produce that brings together two of the world’s leading fresh produce companies.
Revenues in Total Produce's euro-zone segment dropped by 1.2% to €1.717 billion with a 1% rise in adjusted EBITA to €27.3 million, while revenues at its non-euro zone segment fell by 2% to €1.512 billion with adjusted EBITA down 0.3% at €41.6 million.
The international segment saw a 10.7% rise in revenue to €1.175 billion with adjusted EBITA increasing almost 28% to €18.9 million on the back of the contribution of acquisitions.
Europe accounts for 73% of Total Produce's revenue, while for Dole North America accounts for 65% of revenue.