Fresh produce group Fyffes has upped its annual profit forecast amid success in increasing banana prices.
Fyffes said today (12 May) that it is targeting EBITA of EUR20-24m (US$28.3-33.9m), up from a forecast it gave in March of EUR17-22m.
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The company said it expects profits to be “significantly weighted” to the “seasonally stronger” first six months of the year.
First-half profits are expected to be “well ahead” of the result Fyffes achieved in the first six months of 2010.
The group said it had managed to up the prices on its bananas, particularly in continental Europe, with the industry seeing supply contract due to adverse weather in some production areas. Fyffes also cited “further cost inflation, particularly for bunker fuel”.
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