2014 year of takeovers and lower revenue for Total Produce

The recently published annual figures for 2014 show that Irish fresh produce giant Total Produce had a good year in general terms. The total revenue was a bit lower than the spike in 2013, but the profits were nearly 36 million euros.

Over the past years, Total Produce saw its revenue increase year on year. While in 2010 it was 2.343 billion euros, after a dip in 2011 it gradually increased by a total of over 300 million euros. Below the line, there was 35.921 million euros left, a slight decrease compared to the 38 million profit achieved last year.

So it’s no surprise that revenue in the eurozone was down. With 1.475 billion euros, revenue turned out more than three percent lower than in 2013. Leaving aside external influences, revenue decreased by five percent, mostly due to lower prices. The volume also decreased slightly. Beyond the eurozone, in countries like the United Kingdom, Scandinavia, the Czech Republic and Poland, the Irish company saw its revenue increase by 2.8 percent to 1.404 billion euros. For 2013, the revenue outside the eurozone amounted to 1.366 billion euros. The company profited from several takeovers in 2013. The effects of the exchange rate were limited. The stronger pound was largely compensated by a weaker Swedish and Czech crown.

In the past year, Total Produce completed several takeovers. All in all, the company invested 22 million euros in this growth. In May last year, another fifty percent of shares in Dutch company All Seasons Fruit were taken over, in four phases. The Irish company now has seventy percent of shares in All Seasons Fruit. The Dutch specialist in soft fruit started out as a joint venture with Total Produce. Ultimately, the company will become a full subsidiary. In August, Total Produce acquired a 45 percent interest in American company Eco Farms Investment Holding. The company grows and distributes avocados in California. Total Produce has options to eventually acquire a majority stake in the company. Then there was the takeover of Gaspari Nutrition in December last year. After the food supplement business went bankrupt, Total Produce took over the American company. And lastly, before the end of the year agreement was reached on the takeover of the Canadian Gambles Group, with Total Produce acquiring fifty percent of the fresh produce trading company.