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Total Produce acquisitions boost revenues

By BFN News | 10:00 AM | Thursday 31 August, 2017

Total Produce grew revenue by 12.2% to €2.15 billion in the first half with adjusted EBITA up 12% to €42.5m. The results benefited from the contribution of recent acquisitions, offset in part by a negative impact on the translation to Euro of the results of foreign currency denominated operations. The deconsolidation of a subsidiary to a joint venture interest had a marginal effect on revenue and adjusted EBITA and no effect on adjusted earnings per share. On a like-for-like basis, excluding acquisitions, divestments and currency translation, revenue was 4% higher driven by an increase in average prices with similar volumes. In the early part of year, unusual weather conditions in Southern Europe led to temporary shortages of certain salad and vegetable lines. The North American division experienced relatively less favourable trading conditions in the period. While overall volumes in this division have increased on a like-for-like basis from prior year, the result was impacted by lower pricing due to greater volumes of product in the market and weather conditions that negatively impacted quality. The company increased the interim dividend by 10% to 0.89 cents per share. At 10:00am: (LON:TOT) Total Produce PLC share price was +1p at 202.5p Story provided by

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