Fyffes remains on course to deliver 2015 earnings targets

Fyffes has said it is maintaining its target earnings for 2015 with a positive performance in the early months of the year.

In an announcement to the stock exchange ahead of its AGM on Thursday, the company said profits in the year to date have been in line with expectations.

It continues to pursue necessary increases in selling prices in all markets in response to the strengthening US dollar, euro and sterling, it said.

Target earnings for 2015 have been set at between €44 million and €50 million for earnings before interest, tax, depreciation and amortisation, or €36 million to €42 million earnings before interest and tax.

“Having achieved a significant step up in profitability in 2014, the Group is focused on consolidating this higher earnings range,” the statement said.

“Fyffes remains very confident about the future prospects of its business and is well placed to compete strongly in its key markets, following important strategic and operational developments in recent years.”

As well as pursuing a number of development opportunities to increase shareholder value, it said it may also repurchase further Fyffes shares in the market subject to shareholder approval.