Carl McCann

INVESTORS IN Total Produce would be forgiven for not getting the full picture from the 2018 annual report. The acquisition of only a 45% stake (so far) of the giant Dole fruit business means the results do not have to be fully consolidated. As a result, missing from the picture are Dole’s huge borrowings, which have already had an impact on Total Produce’s returns.

This should be of concern to shareholders as it is not yet clear if Carl McCann will be able to sort out the US giant. Certainly, the market has taken a sceptical view to date, with the shares falling 36% in 16 months.

Read Goldhawk’s analysis in the latest edition of Moneybags