31st May 2018 11:50
LONDON (Alliance News) - Total Produce PLC on Thursday said it anticipates continued growth for 2018 on a like-for-like basis, excluding the impact of the Dole Food Co transaction.
The fresh produce company said it plans to pay a final dividend of 2.4527 US cents per share, up 10% year-on-year.
Though, it expects a limited first half-year growth due to the "unusual" weather and unfavourable currency movements in the period.
Back in February, Total Produce entered into a binding agreement to buy a 45% stake in fresh fruits and vegetables company Dole Food Co for USD300.0 million. Total Produce said it expects to complete the deal in the second half of 2018.
The company partly financed the purchase through 63.0 million share issue, raising USD180.0 million. The stock was trading 0.2% lower on Thursday at 196.20 pence per share.
"Total Produce is in a strong financial position and the Dole transaction represents a very significant step and a continuation of the group's successful expansion strategy," Total Produce said in the statement.
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