2016 Preliminary Results

TOTAL PRODUCE CONTINUES STRONG GROWTH

  • Revenue up 8.9% to €3.76 billion
  • Adjusted fully diluted EPS up 14.1% to 12.07 cent
  • Adjusted EBITDA up 14.5% to €94.8m
  • Adjusted EBITA up 15.0% to €73.7m
  • Adjusted profit before tax up 16.8% to €67.7m
  • Total dividend up 10%
  • Targeting 2017 adjusted fully diluted EPS in the range of 12.0 to 13.0 cent per share

Key performance indicators are defined overleaf

Commenting on the results, Carl McCann, Chairman, said:

“We are pleased that Total Produce has continued to deliver very strong growth in 2016. Total revenue has increased by 8.9% to €3.76 billion with a 14.1% increase in adjusted earnings per share to 12.07 cent.

The Group has made a number of fresh produce acquisitions in 2016 in Europe and North America with a total expenditure of €60m, including €17m of contingent consideration. The Group acquired 65% of Progressive Produce, the Los Angeles based company with sales in excess of $200 million along with further investments in a number of top quality produce companies.

In addition, Total Produce has in 2017 agreed to invest €28m to increase its shareholding in the North American based Oppenheimer Group which has entered into strategic agreements in North America with the New Zealand based T&G Global.

We are pleased to propose a 10% increase in final dividend to 2.2297 cent per share. The Group is continuing to actively pursue additional acquisitions and is targeting 2017 adjusted earnings per share in the range of 12.0 to 13.0 cent per share.”

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Quelle: Total Produce plc