Fyffes increases full-year targets as revenues rise

CIARA O’BRIEN

Fruit company Fyffes has increased its full-year targets after reporting a rise in revenue and pretax profit for the first half of the year.

In its interim results published this morning, the company said total revenue rose 6.4 per cent to €585.4 million in the six months to June 30th, while earnings rose 1.3 per cent to €23.1 million. Pretax profit was €22.2 million, up 1.1 per cent from the €21.9 million recorded a year earlier.

The rise came despite difficult trading conditions in its banana category in the early part of the year, and less favourable exchange rates due to a strong dollar. Fruit costs have also remained high.

The group’s pineapple and US melon business remained satisfactory, however.

Chairman David McCann said the company had achieved a significant step up in profits in 2012, and had continued to grow its business further.

“Trading conditions have remained positive in the early months of the second half,” he said.

The group said it was increasing its target for earnings before interest, taxation and amortisation for 2013 from between €27 million and €33 million to between €29 million and €34 million.