5th Mar 2020 11:49
(Alliance News) - Total Produce PLC on Thursday reported a double-digit revenue rise, with the earnings lift helped by a full-year contribution from Dole Food Co, in which it acquired a stake for USD300 million in 2018.
The Dublin-based fresh food producer posted total revenue, including its share of joint ventures, of EUR6.17 billion in 2019, up 22% from EUR5.04 billion. Group revenue excluding joint ventures was flat at EUR3.73 billion.
Pretax profit climbed 9.6% to EUR76.5 million from EUR69.8 million, though on an adjusted basis - which like total revenue includes its share from joint-ventures - it jumped 28% to EUR98.3 million from EUR76.9 million.
Total Produce attributed its earnings hike to "the incremental impact of the acquisition of Dole for the full year in 2019 when compared to 2018".
In July 2018, the company received European Commission clearance for the USD300 million transaction to take a 45% holding in Dole.
In 2019, Dole contributed EUR1.82 billion in revenue for Total Produce, almost three-times higher than the EUR692.2 million in 2018.
Total Produce lifted its full-year dividend by 1.8% to 3.4899 euro cents a share, from 3.4269.
Chair Carl McCann said: "We are pleased that the group has delivered a strong performance in 2019.
"The group is monitoring covid-19 and, while it is too early to form a definitive view, any disruption is not expected to be material. Trading in early 2020 has been satisfactory, and the group is targeting continued growth."
Shares in the company were 8.2% higher at 119.00 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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