Dole drives H1 revenue rise for Total Produce
Total Produce has reported greater revenues for the first half of the year, thanks in large part to Dole's contribution.
The Ireland-based company's revenue was up 39.6% to €3.05bn while adjusted EBITDA was up 106.6% to €117.1m.
Overall it said performance had been "good", with the benefit of Dole partially offset by weakness in some European markets.
2019 is the first full year reflecting the 45% stake in U.S.-based Dole it acquired last year.
"Total Produce, the leading international fresh produce company, is pleased to report strong results for the first half of the year," said chairman Carl McCann.
"Total Produce recorded a 71.4% increase in adjusted fully diluted EPS in the first half year, excluding the impact of the new lease accounting standard, due primarily to the contribution of Dole. This was in turn slightly offset by certain Eurozone markets.
"The results of Dole are in line with expectations led by a good recovery in the Fresh Vegetables division."
He noted the Dole business is seasonal and generates a greater share of earnings in the first half of the financial year.
Non-eurozone European EBITA increased from €21.4m to €22.7m, while the Eurozone's figure from €14.9m to €11.2m. Meanwhile, International division EBITA declined from €9.3m to €8.9m, and Dole's EBITA contribution was €50m.
Strategic and development highlights it noted include the construction of a fresh-cut salad facility in Scandinavia. This is likely to be completed in the fourth quarter.
In addition, it committed investment of up to €4m on bolt-on acquisitions in Europe. Furthermore, it said it had developed the management team and had focused strongly on Dole.