Irish banana group Fyffes has raised its full-year profit guidance range after a “strong performance” in the “early months” of 2012.
Fyffes upped its EBITA range for the fiscal year to EUR25-30m (US$32.3-38.8m). Previously, the group had targeted EBITA of EUR22-27m. In 2011 the company achieved EBITA of EUR23.2m.
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The company said it has been able to offset higher input costs with pricing action, efficiency improvements and returns on the group’s “significant investments in the business in recent years”.
The new guidance range implies EPS of 6.80-8.30 cents, compared to 6.05 cents last year. Nevertheless, shares in the firm were slightly down in early trade on the LSE, dipping 1.35% to 36.5p.
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