Irish fruit and vegetable distributor Fyffes is targeting a double-digit increase in adjusted earnings for the year following strong trading through April.
Profit at Fyffes reached a record high in 2004, buoyed by strong trading in Europe and property sales. Before tax, goodwill and exceptional items, profit for the year to December 31st came in at €94.7 million, up nearly a third on the previous year.
"Market conditions have remained favourable through the first four months of 2005, contributing to a significant increase in adjusted profit before tax . . . compared to the same period last year," it said in a statement.
Fyffes said its continental European operations enjoyed a strong performance in particular over the first four months of 2005.
"Given this positive start to the year, and notwithstanding the strong performance recorded in the second half of 2004, Fyffes is now targeting a double-digit increase in adjusted earnings per share for the full year 2005," the company said.
This was ahead of current market expectations, it added.