Fyffes has re-affirmed its targeted increase in earnings for 2008, despite accelerating costs.
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The fresh produce group said that it continues to target an increase in adjusted EBIT for the full year in the mid-teens in percentage terms and a low double digit percentage increase in adjusted earning per share.
However, the company did warn that the industry is experiencing “significant and accelerating cost inflation”, particularly in relation to bunker fuel.
“The target for 2008 assumes the group can achieve a year on year increase in average selling prices in all its markets during the remainder of the year,” a statement said.
Fyffes also said that given of the relatively more difficult market conditions in the early part of last year, the increase in profits in 2008 will be significantly weighted towards the first half of the year.
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By GlobalDataThe statement went on to say that the company was still actively pursuing its medium term goal, to double the size of the group by 2011, and remained focused on acquisition opportunities.
Fyffes said it would also consider further opportunistic acquisitions of its own shares in the market, having repurchased 10 million shares (2.8% of the shares in issue) during the past 10 months at an average price of approximately €0.70 each.
