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Fresh food providers, Total Produce, delivers strong first-half performance.

Written by Business World, on 31st Aug 2017. Posted in Agriculture

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According to half year results, released today by Irish-listed fresh produce company, Total Produce, Total Produce, revenue increased 12.2pc to €2.15bn in the six months to 30 June.

The company, which operates out of 26 countries, also announced that adjusted EBITDA (Earnings before interest, taxation, depreciation, and amortization) increased 9.5% to  €52.8m, while adjusted earnings before interest, taxes and amortisation (EBITA) rose 12% in the first-half to €42.5 million, from €37.9 million. The Group’s interim dividend saw a 10% increase to 0.8906 cent per share.

Expanding on the results, company Chairman, Carl Mc Cann said: “Total Produce has delivered a strong first half-year performance in 2017. The Group has continued its international expansion with a number of significant North American transactions. It increased its shareholding in the Oppenheimer group (‘Oppy’) from 35% to 65%. In addition, Oppy concluded important strategic agreements with the New Zealand based T&G Global. The Group’s Los Angeles headquartered Progressive Produce business increased its scale with the acquisition of Keystone Fruit Marketing.”

He concluded, “The Group is actively pursuing further investment opportunities. We are pleased to announce a 10% increase in the interim dividend to 0.8906 cent per share. The Group continues to target increased full-year adjusted earnings per share in the upper half of the previously-announced range of 12.0 to 13.0 cent per share”.

Source: www.businessworld.ie

 

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