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Total Produce increase dividend payout by 2.5% on continued H1 growth

By BFN News | 08:12 AM | Thursday 30 August, 2018

Fresh goods producer Total Produce said it would pay interim dividends 0.9129 cent per share, a year-on-year increase of 2.5%, after the company saw continued growth in the six months to 30 June. Revenue grew 1.8% to €2.2bn while adjusted EBITDA for the period was up by 7.4% at €56.7m. The company continued to target full-year growth, excluding the impact of its now-completed Dole transaction and the related share placing. In February, the Group agreed to acquire a 45% in fresh produce firm Dole Food for $300m. 63 million ordinary shares were issued in February, raising $180m to finance the acquisition. The results benefited from the incremental contribution of acquisitions in the past 18 months, offset in part by the negative impact on the translation to Euro of the results of foreign currency-denominated operations. The Group continued to be cash-generative with operating cashflows of €37.8m (€33.3m in 2017) before normal seasonal working capital outflows. Unusual weather patterns in Europe had an impact on supply and demand dynamics in the early months of the period, which affected production and trading, the firm said. On a like-for-like basis, excluding acquisitions, divestments and currency translation, revenue was in line with the prior year with a marginal increase in volume offset by a small decrease in average prices. Volume increases in the North America business compensated for a marginal decrease in volumes in the European business. At 8:12am: (LON:TOT) Total Produce PLC share price was +3.75p at 193.25p Story provided by

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