Total Produce Sees 14% Revenue Growth Following Acquisitions
Irish fresh-produce provider Total Produce has said it delivered a 'strong performance' in 2017, with revenue rising 13.9% to €4.29 billion.
Adjusted EBITDA was up 10.1% to €104.4 million, and profit before tax grew by 43.2% to €72.5 million.
The company says that its results benefitted from the contribution of acquisitions completed during the year, offset in part by currency movements.
Total Produce's Eurozone businesses in France, Ireland, Italy, the Netherlands and Spain saw a slight decrease in revenues, falling 0.9% to €1.73 billion. The company says that overall trading conditions were satisfactory, despite some volume shortages.
Elsewhere, operations in Czech Republic, Poland, Scandinavia and the UK saw revenue increase by 1.4% to €1.54 billion, while its international unit, which includes North America, South America and India, saw revenue grow 95% to €1.06 billion.
Last month, the group unveiled a major fresh produce deal, announcing that it was set to acquire a 45% stake in Dole Food Company for $300 million.
Total Produce chairman Carl McCann said that this deal represents "a very significant step" in the history of the company, and a continuation of the group's acquisition and expansion strategy.
Looking ahead, Total Produce says that it is targeting continued growth in 2018, with increases expected in like-for-like sales.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.