IRELAND: Fyffes earnings jump on sales, efficiency
By Katy Askew | 7 March 2013
- Operating profit up 44.9%
- EBITDA was up 38.4%
- Sales rise 19.7%
 |
Fyffes shares rise on 2012 result |
Irish banana group Fyffes has booked a jump in earnings for 2012, with gains driven by higher sales and improved margins.
The company said today (7 March) that operating profit for 2012 rose 44.9% to EUR29.4m (US$38.3m), while EBITDA was up 38.4% to EUR41m. Net profit was EUR24.6m, up from EUR11.4m a year earlier.
Commenting on the result, chairman David McCann said the company benefited from higher sales and progress in improving efficiency during the year. "Revenue exceeded EUR1bn for the first time since de-merger, driven by continued organic growth, and the result for the year also reflected further operational efficiencies, particularly in logistics," he said.
Sales at the firm rose 19.7% to EUR1.02bn.
The company raised its payout to shareholders, with EPS up 45.8% and the group's total dividend up 7.5%. Shares in the group were up 3.33% in morning trade, climbing to EUR0.62.
Preliminary Results 2012
Published: 7 March, 2013
Fyffes’ turnover exceeds €1 billion
|
|
2012 |
2011 |
Change |
|
|
€ |
€ |
% |
|
Total revenue (incl share of joint ventures) |
1,017.8m |
850.0m |
+19.7% |
|
EBITDA* |
41.0m |
29.6m |
+38.4% |
|
EBITA* |
31.6m |
23.2m |
+36.1% |
|
EBIT* |
29.4m |
20.3m |
+44.9% |
|
Diluted earnings per share* |
8.82 cent |
6.05 cent |
+45.8% |
|
Total dividend – |
2.07 cent |
1.925 cent |
+7.5% |
Commenting on the results, David McCann, Chairman, said:
“Fyffes has delivered a very strong performance for 2012. Revenue exceeded €1 billion for the first time since demerger, driven by continued organic growth, and the result for the year also reflected further operational efficiencies, particularly in logistics. Earnings per share included the additional benefit of the shares repurchased in the second half of 2011. Trading conditions have been broadly in line with expectations in 2013 to date and the Group is maintaining its €27m-€33m target EBITA range for the year.”
Original source: Fyffes
Sectors: Financials, Fresh produce
Companies: Fyffes
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