Shares in Total Produce, the fresh produce company, were up 3% in late trading on Thursday on the back of a solid six months performance.

Profits (EBITDA) doubled (up 106.6%) to €117.1m, while revenues increased 39.6% to €3.05bn. Pre-tax profits increased 57.8% to €65.9m.

The stronger performance was driven by the acquisition of a 45% stake in Dole, one of the largest fresh produce companies in the world in July 2018.

For the full year, Total Produce continues to target an increase in earnings per share. Total Produce’s net debt stood at €294.3m at June 30, mostly due to the Dole acquisition.

Revenues

Once the acquisitions, divestments and currency translation are stripped out, revenues were down 2% compared to the same period last year driven by volume declines which were partially offset by price increases.

The group said that fresh produce markets, particularly in certain parts of Europe, were very competitive during the period.

Weather

It added that the poor weather in California in April to June led to less optimal growing conditions and weaker trading in the strawberry growing operation.

There was a small drop in exported goods from the US to India and China due to higher tariffs.

Total Produce is one of the world’s leading fresh produce providers. It grows, sources, imports, packages, distributes and markets over 300 lines of fresh fruits, vegetables and flowers.