Total Produce posts "very strong" 2020 performance

Total Produce posts "very strong" 2020 performance

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Ireland-headquartered Total Produce has posted a "very strong" performance in 2020 amid the pandemic, with revenue and EBITDA both seeing year-on-year increases.

The release of the financial results comes days after the company entered into an agreement to combine with Dole Food Company Inc under a newly created US-listed company, Dole plc.

Total revenue was up 1.7 percent to €6.3 billion, while adjusted EBITDA up 8.2% to €219.4 million. Meanwhile, adjusted profit before tax up 18% to €116.0 million.

"The Group has reported strong results in 2020," said Chairman Carl McCann.

"These strong results demonstrate the robustness of the Group’s business model in the face of the unprecedented challenges posed by the ongoing COVID-19 pandemic. We are very proud of our people worldwide.

"Their dedication, commitment and hard work ensured the Group’s supply chains and operations continue to function and remain open across our key markets.

The company said that Dole plc will be the number one contender in fresh produce with estimated combined revenues of almost US$10 billion, adjusted EBITDA of approximately US$379 million and total assets of approximately US$4.5 billion.

The decision to list the new company in the United States marks an "exciting next step", Total Produce said.

The combined company will become the largest player in fresh produce with a highly diversified portfolio, resilient earnings and a strong balance sheet that positions us well for accelerated growth, the company said.

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