29th Aug 2019 09:38
(Alliance News) - Total Produce PLC on Thursday reported double-digit earnings growth in the first half of 2019, thanks to the stake acquisition in Dole Food Co.
The fresh food producer said pretax profit for the six months to the end of June was 31% higher at EUR55.3 million, compared to EUR42.3 million reported a year ago, as revenue rose by 40% to EUR3.05 billion from EUR2.19 billion.
The increase was driven by the "incremental" benefit of the 45% stake acquisition of Dole Food, offset in part by competitive conditions in certain markets in the Eurozone division and generally more uncertainty surrounding international trade, the company explained.
On a like-for-like basis, excluding acquisitions, divestments and currency translation, revenue was 2% behind the prior year's, with a small decrease in volume partially offset by price increases.
Total Produce declared an interim payout of EUR0.9129 per share, unchanged year-on-year.
Looking ahead, Chair Carl McCann said: "For the full year, Total Produce continues to target an increase in the adjusted fully diluted earnings per share, excluding the impact of the new lease accounting standard, in the mid-to-upper single digit range over the 2018 adjusted fully diluted earnings per share of 13.50 cents."
Total Produce shares were trading 1.2% higher in London on Thursday at 115.90 pence each.
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