Fyffes tips double-digit growth

Fyffes said yesterday that it was continuing to target double-digit growth in adjusted earnings per share for this year.

At its annual meeting, chairman Carl McCann told shareholders that market conditions had remained favourable over the first four months of the year, with the company's continental European operations putting in a very strong performance.

The group, which has generated profits of €30 million and cash proceeds of €50 million from its property business in the last four years, also said it expected to repeat this performance in the medium term.

Mr McCann said Fyffes had the strongest balance sheet in the fresh fruit produce sector and remained committed to growing the business through acquisitions and strategic alliances.

The annual meeting passed off quietly yesterday despite the revelations that have emerged in recent months during the company's high profile High Court clash with DCC.

Only one shareholder questioned Mr McCann about the value that should attach to forward-looking trading statements from the company in light of comment in court by Fyffes' chief executive David McCann.

In relation to previous statements issued by the company, Mr McCann told the court the company did not address its statements from the perspective of what was "true and honest" but addressed statements from the perspective of its obligations and what it considered was appropriate to announce.

Asked by one shareholder about the case - when it would finish, the cost and its prospects of success - Mr McCann said his legal advice was not to comment.

However, the case is expected to conclude shortly with a ruling expected in the autumn. The action, which cost Fyffes €4.1 million last year, is likely to cost at least as much again this year.

Fyffes also said yesterday that non-executive director Denis Bergin will retire from the board at the end of the year.