The owner of the Queen’s fruit and veg supplier to Balmoral Castle and the Palace of Holyroodhouse has posted a jump in profits after it bought a stake in an American peer.
Adjusted pre-tax profits at Total Produce, which is based in Ireland and listed on the London stock market, climbed by 27.9% to €98.3 million (£84.9 million) in the year to 31 December, thanks to the first full-year contribution from Dole Food, an American firm in which the company bought a 45% stake in 2018.
Total revenues climbed by 22.4% to €6.1 billion (£5.3 billion). Stripping out the Dole’s acquisition, turnover was flat at €3.7 billion (£3.2 billion).
Chairman Carl McCann said: “We are pleased that the group has delivered a strong performance in 2019. Trading in early 2020 has been satisfactory and the group is targeting continued growth.
“The group is monitoring Covid-19 and, while it is too early to form a definitive view, any disruption is not expected to be material. The group is also pleased to report a 2.5% increase in the final dividend to 2.577 euro-cent per share.”
Total Produce bought Newbridge-based Mark Murphy & Partner in 2018. The Scottish company was founded in 1981 and grew to employ 150 staff and turn over some £18 million a year.
It holds a royal warrant for supplying fresh produce to Balmoral and Holyrood. It also delivers to the Braemar Highland Games, the Edinburgh International Festival and the Royal Highland Show.
