Fruit wholesalers Fyffes today announced pre tax profits doubled in the year 2001 and gave a rosy outlook for the year ahead.
Profits before tax, goodwill, e-commerce and exceptionals for the 12 months was €63.5 million, up 103 per cent from €31.3 million in the comparative 14 month period.
Chairman Mr Neil McCann said the group "significantly improved" its performance in 2001 and retained its leading position in the European fresh produce sector. Supported by its financial strength and strong cash generating capabilities, the group remains focused on becoming the largest and most successful operator in the global produce industry, he said.
Mr McCann said trading conditions were more favourable during the year under review, although exchange rates continue to have a negative impact on costs.
He said in its banana operations, it will continue to seek the price increases necessary to compensate for the higher costs resulting from these exchange rate movements.
He said aggressive pursuit of cost reductions, together with a continued focus on sound business fundamentals, has delivered a robust performance. Looking forward, Fyffes will continue to pursue increased shareholder returns through strong dividend flows, enhanced profits and judicious expansion of its business through acquisitions, he added.
The board raised the full year dividend to 4.73 cents from 4.3 cents after a final payout of 0.78 cents.