StockMarketWire.com - International fresh produce company Total Produce reported a sharp increase in earnings for its first half, as it incorporated its share of results from its Dole acquisition for the first time, and expected to see an increase in adjusted fully diluted earnings per share for the full year.

Total revenue grew 39.6% to €3.051bn in the six months to 30 June 2019. However, on a like-for-like basis, excluding acquisitions, divestments and currency translation, the firm said that revenues were 2% behind the comparative period with a small decrease in volume partially offset by price increases.

Meanwhile, adjusted EBITDA climbed 103.5% to €92.8m. This was due to the incremental impact of the Dole acquisition, which the company said was offset in part by the continued challenging trading environment in certain parts of the eurozone.

For the full year, the company said it continued to target an increase in adjusted fully diluted earnings per share (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.

'The results for the period include the group's 45% share of Dole Food Company. The comparable prior period did not include Dole, as the transaction completed on 31 July 2018 after receiving regulatory approval. Dole's overall business is seasonal with the greater share of adjusted EBITA earned in the first half of the financial year,' said Carl McCann, chairman.

The firm said that Dole's results were in line with expectations, led by a good recovery in the fresh vegetables division.

The company announced an interim dividend of 0.9129 cent per share, unchanged on the prior period.








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