IRELAND: Fyffes ups FY profit forecast
By Dean Best | 3 September 2012
- Fyffes ups profit forecast
- H1 sales and earnings increase
 |
Fyffes saw sales and earnings increase in H1 |
Produce group Fyffes today (3 September) increased its forecast for annual profits, sending its shares higher.
Fyffes said it expects EBITA to hit EUR28-33m (US$35.2-41.5m) up from a previous prediction of EUR25-30m. The company said "broadly satisfactory" trading conditions in Continental Europe had led it to issue the improved forecast.
Shares in Fyffes were up 5.32% at EUR0.50 at 12.30 this afternoon.
The company's new guidance came as it reported higher half-year sales and profits. Revenue increased 20% to EUR550.1m. Sales were up in each of Fyffes' product categories. It said currency fluctuation helped turnover, which was also boosted by a full six-month contribution from a venture in Germany.
Adjusted EBITA, which excludes Fyffes' share of the results from property venture Balmoral International Land Holdings, increased 31.2% to EUR23.3m.
Interim Results 2012
Published: 3 September, 2012
Fyffes reports strong first half result and increases full year target
| 6 months to 30 June 2012 € |
6 months to 30 June 2011 € |
||
| Total revenue (incl share of joint ventures) | 550.1m | 458.5m | +20.0% |
| Group revenue (excl share of joint ventures) | 442.9m | 370.0m | +19.7% |
| EBITDA* | 28.1m | 20.6m | +36.0% |
| EBITA* | 23.3m | 17.7m | +31.2% |
| Profit before tax* | 22.4m | 17.3m | +29.5% |
| Diluted earnings per share* | 6.48 cent | 4.41 cent | +46.9% |
| Interim dividend | 0.65 cent | 0.605 cent | +7.4% |
Commenting on the results, David McCann, Chairman, said:
“Fyffes has delivered a strong increase in profits for the first half of the year, driven by further organic growth in each of its product categories. Earnings per share also benefited from the significant repurchase of shares in 2011. Fyffes is increasing its 2012 full year target EBITA range to €28m-€33m from €25m-€30m previously.”
* These financial terms are defined on page 2 of the full announcement.
3 September 2012
Original source: Fyffes
Sectors: Financials, Fresh produce
Companies: Fyffes
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