Produce group Fyffes today (3 September) increased its forecast for annual profits, sending its shares higher.
Fyffes said it expects EBITA to hit EUR28-33m (US$35.2-41.5m) up from a previous prediction of EUR25-30m. The company said “broadly satisfactory” trading conditions in Continental Europe had led it to issue the improved forecast.
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Shares in Fyffes were up 5.32% at EUR0.50 at 12.30 this afternoon.
The company’s new guidance came as it reported higher half-year sales and profits. Revenue increased 20% to EUR550.1m. Sales were up in each of Fyffes’ product categories. It said currency fluctuation helped turnover, which was also boosted by a full six-month contribution from a venture in Germany.
Adjusted EBITA, which excludes Fyffes’ share of the results from property venture Balmoral International Land Holdings, increased 31.2% to EUR23.3m.
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