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April 24, 2008

IRELAND: Fyffes sees profit on track

Irish fruit group Fyffes said today (24 April) that it expects annual profits to increase in the “mid-teens”, in line with expectations.

Irish fruit group Fyffes said today (24 April) that it expects annual profits to increase in the “mid-teens”, in line with expectations.

Earnings per share are expected to grow in the “low double-digits” before one-time items, while sales were described as “well ahead” of last year – particularly in central Europe.

However, Fyffes warned that further increases in selling prices will be necessary to counter higher costs linked to strong commodity markets.

“The increase in profits in 2008 will be significantly weighted towards the first half of the year, taking account of the relatively more difficult market conditions in the early part of last year,” Fyffes said.

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