Irish fruit & veg group Fyffes today [Monday] reported a 44% rise in H1 pretax profits before e-commerce, exceptional items and goodwill to €36.8m (US$33.3m) as market conditions improved and a costcutting programme took hold.
Go deeper with GlobalData
Pretax profits for the six months ended 30 June rose to €30.44m from €20.54m in the same period last year. Adjusted diluted earnings per share, before e-commerce, rose from 5.08 cents last year to 7.22 cents, while the interim dividend payable to shareholders also inched up slightly to 1.15 cents.
Results outstripped analysts’ expectations, which had put pretax profits at approximately €30m.
The half under review saw the suspension of operations at IngredientsNet.com, the online trading site partly funded by Fyffes. The closure saw Fyffes hit with a charge of €1.7m.
Turnover in the half climbed from €819m to €863.3m, while operating profit soared from €26.2m to €37.7m.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataChairman Neil McCann called the results “very satisfactory,” referring to a significant improvement in local currency terms. A cost-trimming campaign, which was unveiled last year, is bearing fruit, while price hikes were effectively offsetting the impact of the strength of the dollar.
