Fyffes reports H1 profit rise, increases full-year target

Fruit company Fyffes this morning posted profits before tax of €18.5m for the first six months of the year, an increase of 18% on H1 2008.

Total group revenue for the period stood at €400m, unchanged from the prevous year. Earnings per share were €4.46, up from €3.55 in H1 2008.

“During the first half of the year, Fyffes’ key input costs were c.20% higher, including the negative impact of exchange rates," Chairman David McCann said.

"The Group has focused on the recovery of higher industry costs, achieving increases in average selling prices, and has also benefitted from its currency hedging.

" As a result, Fyffes is reporting a strong increase in profits and earnings per share for the period."

The company said trading conditions in the summer months in continental Europe were better than anticipated and it was is increasing its profit target for the full year from €16m-€20m to €18m-€22m.

Saying that the industry continues to experience significant cost inflation and unfavourable exchange rates, Fyffes said it would continue to pursue necessary increases in selling prices in all markets.

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