€21.3m pretax profit 'very satisfactory' for Fyffes

FRUIT IMPORTER Fyffes has announced pre-tax profits of €21.3 million for last year, up €100,000 from 2009.

The company had expected its adjusted earnings before interest, taxes and depreciation (Ebitda) for 2010 to be about €20 million.

Fyffes chairman David McCann said: “In the context of the exceptionally difficult trading conditions which persisted in the banana category for much of the first half of the year, this result represents a very satisfactory outcome for 2010.”

The group said total revenues, which include Fyffes share of joint ventures, were up 2.1 per cent on the €726.8 million recorded for 2009.

Group revenues which do not include the firm’s share of joint ventures amounted to €623.1 million in the year, up 4.2 per cent on 2009, mainly due to an increase in activity and volumes in the group’s United States melon business.

Fully diluted earnings per share were €5.50 compared to €5.19 in 2009, an increase of 6 per cent.

The company is proposing a 9.1 per cent increase on its final dividend for 2010.