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Total Produce records strong results in 2020
StockMarketWire.com
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Total Produce has announced a 1.7% rise in its total revenue to €6.259 billion which it claims to be 'very strong' in the context of 'the unprecedented challenges posed by COVID-19 to the global economy'.
The group's adjusted EBITDA was up 8.2% to €219.4m and adjusted pre-tax profit was up 18% to €116.0m.
It has also confirmed a 7.5% increase in the 2020 final dividend to 2.770 cent.
Carl McCann, chairman of Total Produce, said: '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.'
On February 17, 2021, the group announced a binding deal with Dole Food Company Inc to combine under a newly created US listed company, Dole plc, which 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 US marks an 'exciting next step', Mr McCann said.
'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,' he added. 'We look forward to beginning this next chapter and providing increased opportunity for our shareholders, dedicated employees, customers, suppliers and partners.'
At 9:31am: (LON:TOT) Total Produce PLC share price was 0p at 106p
Story provided by StockMarketWire.com
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