Fyffes raises full-year earnings forecast

Profits and revenue at Fyffes rose in the first half of the year, the group’s interim results showed today.

The company also raised it forecast for adjusted earnings this year, as a result of more favourable trading conditions in Europe over the summer.

Adjusted profit before tax in the first six months of 2009 increased 18.6 per cent to €18.6 million, despite input costs rising about 20 per cent.

Revenue at the firm fell slightly from €400.3 million to €400 million for the period.

However, the full year 2009 is expected to yield adjusted earnings in the range of €18 million to €22 million in 2009.

“The group has focused on the recovery of higher industry costs, achieving increases in average selling prices, and has also benefitted from its currency hedging. As a result, Fyffes is reporting a strong increase in profits and earnings per share for the period,” Fyffes chairman David McCann said in a statement.

Mr McCann warned that the group would continue to push for increases in selling prices in all markets as a result of higher industry costs.