Total Produce, the Irish fresh fruit and vegetable supplier which was spun out of Fyffes, recorded pre-tax profits of €42.3m for the first six months of the year, a near 20% increase on the same period in 2017.
Operating profits in the first half of the year increased 15% to €38.5m, as profit margins in the business expanded from 1.6% last year to 1.8% in 2018. Total Produce said the increase in profits was driven by recent acquisitions, which more than offset negative currency headwinds.
Sales for the first six months of 2018 increased 2% year on year to €2.2bn, as sales growth in international markets such as North America and India more than offset a decline in sales in Europe. Total Produce attributed the fall in sales in Europe to the unusual weather patterns experienced on the continent this summer, which hit sales volumes.
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In February this year, Total Produce acquired a 45% stake in Dole Food Company, one of the world’s largest fresh produce companies, for $300m (€260m) along with options to further increase the group’s stake.
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Total Produce, the Irish fresh fruit and vegetable supplier which was spun out of Fyffes, recorded pre-tax profits of €42.3m for the first six months of the year, a near 20% increase on the same period in 2017.
Operating profits in the first half of the year increased 15% to €38.5m, as profit margins in the business expanded from 1.6% last year to 1.8% in 2018. Total Produce said the increase in profits was driven by recent acquisitions, which more than offset negative currency headwinds.
Sales for the first six months of 2018 increased 2% year on year to €2.2bn, as sales growth in international markets such as North America and India more than offset a decline in sales in Europe. Total Produce attributed the fall in sales in Europe to the unusual weather patterns experienced on the continent this summer, which hit sales volumes.
In February this year, Total Produce acquired a 45% stake in Dole Food Company, one of the world’s largest fresh produce companies, for $300m (€260m) along with options to further increase the group’s stake.
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