Fyffes expects full-year earnings of €15m

FRUIT distribution giant Fyffes is expecting its full-year adjusted earnings before interest and tax (EBIT) for 2008 to come in at about €15 million — the high-end of its previous guidance and ahead of most analyst expectations.

Previously, the Dublin-headquartered company said that it was aiming for adjusted EBIT of between €12m and €15m. Some analyst expectations had been as low as €12.5m.

In a trading update, released yesterday ahead of the expected publication of full-year results for 2008 next month, Fyffes said it should show cash balances, at year-end, of €33m. It also said that it is seeking “significant increases” in selling prices in all of its key markets.