IRELAND: Fyffes H1 earnings jump, raises outlook

By: just-food.com | 4 September 2009

Fyffes H1 pre-tax profit up 18.6%
Sales grow 11%
Raises outlook on “better than expected” conditions

Fyffes has raised its outlook for the full year, as the Irish produce company posted a jump in first-half pre-tax profits, driven by higher selling prices and gains from currency hedging.

The group announced this morning (4 September) that pre-tax profit in the six months to 30 June rose to EUR18.6m (US$26.6m), up from EUR15.7m last year.

Price hikes allowed the company to successfully pass higher input costs along, driving an 11% increase in revenue, which rose to EUR335.3m. The company added that it continues to persue increases in selling prices in all markets in the context of higher industry costs.

Fyffes raised its EBIT outlook for the year to EUR18-22m, citing "better than expected" trading conditions in Continental Europe during the summer.

Click here for the full press release or check back later for just-food's insight into the results.

Sectors: Fresh produce

Companies: Fyffes