Fyffes 2011 revenues up 14.5%

Fyffes 2011 revenues up 14.5%

Fyffes has reported a 14.5% rise in revenues for 2011, up to €850m from €741.2m the previous year.

In preliminary results released this morning the fruit distributor said pre-tax profits for the year rose to €12.493m from €8.796m.

“Fyffes is pleased to report a strong result for 2011, towards the top end of its target range, with good organic growth across each of our product categories," Chairman David McCann said.

"The Group has had a positive start to 2012, with improving pricing in Continental Europe, and is targeting an EBITA result for the year in the range €22m–€27m."

The €850m revenue figure included a €63.8m first time contribution from Fyffes’ one third stake in German distributor van Wylick, which was acquired in March 2011.

Excluding this, like for like sales were €44.1m (5.9%) higher than the previous year.

Fyffes said its 40% share of the after tax losses of Balmoral International Land Holdings amounted to €3.5m last year. The company has written down its investment in Balmoral to €50,000, which gave rise to an impairment charge of €2.4m.

The board is proposing to pay a final dividend for 2011 of €1.32 per share, up 10% on the previous year.

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