At the company’s AGM on Monday, Irish company Fyffes Plc revealed that the first part of the year has been positive compared to the same period last year. The firm, which imports and distributes fresh fruit throughout Ireland, the UK and Europe, said that the revenue boost was down to improved conditions in the banana market.
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Chairman Neil McCann commented in a statement: “Supply and demand are broadly in balance at the present time, which should help to secure the price increases necessary to offset the higher costs resulting from the continuing strength of the US dollar. The cost savings of €20m pa anticipated at the time of last year’s restructuring measures are coming through as expected.”
He added that the end of the long-running “banana war” between the EU and the US in April was also helping, and that overall, Fyffe’s trading performance has been “encouraging and […] ahead of expectations.”
