Fyffes raises 2009 earnings target

FRUIT importer Fyffes has again raised its full-year earnings target for 2009 after posting good first-half profits.

Despite flat sales of €400 million, the group increased earnings by 18.6% to €18.6m in the period, with returns helped by the ability of the group to pass on higher prices due to a shortage of fruit supplies.

Returns were also boosted by currency hedging, while strong summer sales prompted the group’s latest earnings upgrade for the year as a whole.