Improved banana and pineapple performance lifts Fyffes profits

Improved banana and pineapple performance lifts Fyffes profits

An improved performance from Fyffes' banana and pineapple businesses has led the produce giant to report a lift in first-half profits and sales.

The Irish banana group posted a 9.1% increase in EBIT to EUR34.3m (US$38.3m).

EBITDA increased 12.4% to EUR39.5m and revenues were up 8.7% to EUR644.3m. Fyffes said as well as an improved performance in banana and pineapple performance, US melon import season also enjoyed "another strong performance".

It reconfirmed its full year target range for EBITDA which it increased in June to EUR55m-61m (US$62-69m) up from a previous target of EUR44m-50m.

"This demonstrates the Group’s ability to quickly adapt to prevailing market conditions given the significant adverse movement in exchange rates earlier in the year. Fyffes continues to pursue increases in selling prices in all markets in this regard," said David McCann, Fyffes chairman.