Fyffes increases target profit range for year

Fyffes increases target profit range for year

Fruit distributor Fyffes this morning said it was increasing its target earnings before tax for 2011 to €20m-€24m on foot of a "positive start" to the year.

The increase, from the previous target range of €17m-€22m, comes as Fyffes notes increases in selling prices in the banana category in the year to date, particularly in Continental Europe.

In an interim management statement issued ahead of its AGM today, Fyffes said its performance in the year to date has also benefitted from operational efficiencies, including the positive impact from significant investments in recent years.

The company said its full-year result is expected to be significantly weighted to the seasonally stronger first six months, as in earlier years, with profits in the first half expected to be well ahead of the result achieved in the very difficult trading conditions in the same period in 2010.

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