Total Produce revenue jumps after Dole acquisition

Total Produce on Thursday reported a leap in interim revenue and profits after enjoying a full period contribution from its acquisition of a 45.0% stake in the Dole Food Company.

The Irish fresh produce grower achieved revenue of €3.1bn in the six months ended 30 June, up 40% compared to the same period last year, although on a like-for-like basis, excluding acquisitions, divestments and currency translation, sales were down by 2.0% at €1.8bn.

Profit before tax climbed from €42.3m to €55.3m, while adjusted fully diluted earnings per share up 63.1% to 9.80 cents, which the company said was due to the incremental impact of the Dole acquisition.

The AIM traded firm acquired its 45.0% stake in fresh produce giant Dole at the end of July last year.

Carl McCann, chairman of Total Produce, said: "The results of Dole are in line with expectations led by a good recovery in the Fresh Vegetables division. The Dole business is seasonal with the greater share of earnings recorded in the first half of the financial year."

"For the full year, Total Produce continues to target an increase in the adjusted fully diluted EPS, excluding the impact of the new lease accounting standard, in the mid-to-upper single digit range over the 2018 adjusted fully diluted EPS of 13.50 cent."

Total Produce's shares were up 1.22% at 115.90p at 1051 BST.