Total Produce expects higher profits for 2020 as sales remain resilient through pandemic 

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Nicole Glennon

Irish fresh produce provider Total Produce reports today that trading for the 10 months up to October 31 has “remained positive” despite the challenges posed by Covid-19.

The company said its sales have continued to be resilient in wholesale and retail, offsetting the reduced demand from the food service industry.

Its sales, adjusted EBITDA and adjusted earnings per share are now expected to be slightly ahead of 2019.

“The Group’s strong presence in the global fresh produce industry, the diversity of its operations and products, together with the exceptional response from our people, enables us to meet the challenges,” they said.

In a note, Goodbody analyst Patrick Higgins said it was “another encouraging update from the Group” prompting the stockbrokers to increase 2020 earnings estimates by c.4-5%.

“The Group’s performance during 2020 illustrates the resilience and strength of the operating model and underpins our positive stance on the stock,” he said.

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