Total Produce reported an increase of total revenue by 10.4 percent to 1.9 billion euro in the first half of this year. During the first six months of 2015 total revenue was 1.7 billion euro. The results benefited from the acquisitions completed in the past year. Chairman Carl McCann is satisfied with the “strong performance” of the group.During the first six months of this year total revenue rose to 1.9 billion euro. Adjusted EBITA rose 13 percent to 37.9 million euro. Profit before tax stands at 34.9 million euro, an increase of 15.1 percent relative to the previous year.
The group reported higher revenues for all three geographical area’s mentioned in the report. The Eurozone includes the operations in France, Italy, Ireland, the Netherlands and Spain. Revenue increased by 4.4 percent to 870 million euro. During the same period the year before revenue was 833 million euro. Adjusted EBITA rose 5.1 percent to 19.8 million euro. Next to recent acquisitions, volume growth was one of the drivers for growth.
Outside the Eurozone Total Produce has operations in the Czech Republic, Poland, Scandinavia and the UK. For this category, Non-Eurozone, revenue increased by 5.8 percent to 811 million euro. During the first half of 2015 revenue was 767 million euro. EBITA increased to 19.8 million euro, that’s 5.1 percent higher than during the same period a year before (2015: 18.8m euro). The good performance was driven by good trading conditions, contributions from acquisitions and a strong operational performance. The Brexit created some macro-economic uncertainties, but Total Produce does not expect this have material impact on the group.
The rest of the world is covered under the umbrella International. This includes the operations in North America and India. Revenue increased by 65.4 percent to 261 million euro (2015: 158m euro). Adjusted EBITA increasing 94.2 percent to 4.9 million euro (2015: 2.5m euro). Growth was driven by the acquisition of Progressive Produce in February 2016 and a strong trading performance in existing businesses offset in part by a loss on disposal of a US sports nutrition business.
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