Total Produce's full year revenue rose 1.6% to €4.35 billion in 2018 while its adjusted EBITDA increased 5.7% to €110.4 million.
"Continuing Good Results"
Total Produce chairman Carl McCann commented, "We are pleased that Total Produce has delivered continuing good results in a more challenging year.
"Adjusted EBITDA was up 27.6% to €133.3m. On a like-for-like basis, excluding Dole, adjusted EBITDA was up 5.7%, with adjusted fully diluted earnings per share up 0.1%. On a constant currency basis, excluding Dole, adjusted EBITDA and adjusted fully diluted earnings per share were up 8.9% and 2.7%, respectively."
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Total Produce announced last February that it would acquire 45% of Dole for $300 million in a deal it described as a representing a "transformational change for Total Produce [that] brings together two of the world’s leading fresh produce companies."
The transaction was completed in July 2018.
Total Produce also noted that trading for the year to date has been "satisfactory" and added that it is targeting an increase in 2019 earnings per share in the mid-to-upper single digit range.
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.