Total Produce Sees Revenue Up 1.7% In 2020, Despite 'Unprecedented Challenges'
Fresh produce firm Total Produce has said that it posted a 'very strong performance' in its 2020 financial year in spite of the 'unprecedented challenges posed by COVID-19'.
The group posted a 1.7% revenue increase for the year, to €6.26 billion, while adjusted EBITDA was up 8.2% to €219.4 million.
"These strong results demonstrate the robustness of the group’s business model in the face of the unprecedented challenges posed by the ongoing COVID-19 pandemic," commented Carl McCann, Total Produce chairman.
"We are very proud of our people worldwide. Their dedication, commitment and hard work ensured the group’s supply chains and operations continue to function and remain open across our key markets."
Total Produce intends to pay a final dividend of 2.770 cent per share, which is an increase of 7.5% on the final dividend the previous year.
McCann added that trading to date in full-year 2021 has been "satisfactory".
Last week, the group announced that it would be combining with Dole Food Company to form a new business, Dole plc, which will have combined revenues of around $10 billion.
Commenting on the deal, McCann said, "The decision to list the new company in the United States marks an exciting next step. The combined company will become the largest player in fresh produce with a highly diversified portfolio, resilient earnings and a strong balance sheet that positions us well for accelerated growth.
"We look forward to beginning this next chapter and providing increased opportunity for our shareholders, dedicated employees, customers, suppliers and partners."
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine