Strong first half sees Total Produce record revenue of €3.112bn

Coronavirus pandemic hits demand from food service sector but retail offsets losses

Fruit and veg company Total Produce said the first six months of the year delivered a strong performance for the firm. File photograph: iStock

Fruit and veg company Total Produce said the first six months of the year delivered a strong performance for the firm. File photograph: iStock

 

Fruit and veg company Total Produce said the first six months of the year delivered a strong performance for the firm in light of the coronavirus pandemic.

Total half-yearly revenue rose 2 per cent to €3.112 billion, as robust demand from the retail and wholesale sector offset reduced levels of activity in the food service sector.

Adjusted earnings before interest, taxes, depreciation and amortisation rose 0.9 per cent to €118.2 million. Adjusted profit before tax rose 1.7 per cent to €67.1 million, while adjusted fully diluted earnings per share were down 3.6 per cent to 9.45 cent.

Net debt was €218.8 million for the period.

A final dividend for 2019 of 2.577 cent per share is due to be paid in September, with an interim dividend of 0.9129 cent per share to be paid in January 2021.

“We are pleased with the very strong performance in the first half of 2020 against the backdrop of the Covid-19 pandemic, which has posed unprecedented challenges to the global economy,” said company chairman Carl McCann.

“The health and wellbeing of our people is our number one priority, while at the same time recognising our role in supplying vital foodstuffs, particularly during the pandemic. We are very proud of the efforts of all our people.”

Mr McCann said the company remained in a strong financial position and planned to actively pursue growth and expansion.