Total Produce Plc COVID-19 Update (7879H)

TIDMTOT

RNS Number : 7879H

Total Produce Plc

27 March 2020

Stock Exchange Announcement

TOTAL PRODUCE PLC

COVID-19 UPDATE

Total Produce plc ("Total Produce" or the "Group"), the leading international fresh produce company, today provides the following update regarding COVID-19.

Since Total Produce announced its preliminary results on 5 March 2020, the spread of COVID-19 is having an increasingly significant impact on the global economy.

While it is still too early to predict the full effects of COVID-19, Total Produce is continuing to trade satisfactorily, considering the challenging economic environment.

The health and well-being of its people is the Group's number one priority. The Group has implemented a range of measures to protect its staff. At the same time, the Group recognises its vital role in continuing to supply essential foodstuffs in response to the pandemic. Due to the dedication, commitment and hard work of its people, the Group's supply chains are functioning adequately and have remained open across all of its key markets.

Although the Group has experienced a reduced level of demand from the foodservice sector, demand from retailers has remained robust as consumer buying patterns shift. The Group continues to monitor the situation and is taking appropriate measures to adapt to the changing market and to ensure that supply chains remain open.

Total Produce is in a strong financial position and its cashflow also remains strong. The Group has significant cash and substantial undrawn credit lines. The Group is operating comfortably within its covenants.

Given the unprecedented nature of this outbreak, it is not yet possible to determine its full impact on the Group's results for the current financial year, however, the Group expects satisfactory results in FY20, although earnings are now likely to be lower than in FY19. Given the diverse structure of the Group's business in terms of customers, products and locations, the Board believes that Total Produce is well positioned to respond to the current global challenges.

Having regard to the current Government guidelines on the holding of meetings, the Board has decided to postpone the AGM which was due to be held on 15 May 2020 to 28 August 2020. All matters scheduled to be conducted at the meeting, including the approval of the final dividend, will be deferred to that date.

27 March 2020

F or further information, please contact:

   Brian Bell, Wilson Hartnell PR   Tel: +353-1-669 0030 
   Ivan Murphy, Davy Corporate Finance   Tel:  +353-1-679 6363

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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March 27, 2020 03:00 ET (07:00 GMT)

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