Total Produce records a 'very strong performance in 2020 in the context of the unprecedented challenges posed by COVID-19 to the global economy.
Total revenue was up 1.7% to €6.259 billion, with adjusted profit before tax up 18.0% to €116.0m.
The Group is said to be in a strong financial position, with net debt of €144.3m (2019: €221.2m) and a 7.5% increase in 2020 final dividend to 2.770 cent per share
The Group announced on 17 February 2021 an agreement to combine with Dole Food Company Inc under a newly created US listed company, Dole plc.
Commenting on the results, Carl McCann, Chairman, said:
"The Group has reported strong results in 2020. Revenue grew 1.7% to €6.3 billion with an 8.2% increase in adjusted EBITDA to €219.4m and adjusted earnings per share increasing 9.1% to 15.41 cent. These strong results demonstrate the robustness of the Group’s business model in the face of the unprecedented challenges posed by the ongoing COVID-19 pandemic. We are very proud of our people worldwide. Their dedication, commitment and hard work ensured the Group’s supply chains and operations continue to function and remain open across our key markets.
On 17 February 2021, the Group announced a binding deal with Dole Food Company Inc to combine under a newly created US listed company, Dole plc. Dole plc will be the number one player in fresh produce with estimated combined revenues of almost US$10 billion, adjusted EBITDA of approximately US$379 million and total assets of approximately US$4.5 billion. The decision to list the new company in the United States marks an exciting next step. The combined company will become the largest player in fresh produce with a highly diversified portfolio, resilient earnings and a strong balance sheet that positions us well for accelerated growth. We look forward to beginning this next chapter and providing increased opportunity for our shareholders, dedicated employees, customers, suppliers and partners.
The Group intends to pay a final dividend of 2.770 cent per share representing an increase of 7.5%. Trading has been satisfactory in early 2021".