Fyffes increases earnings target range for 2011

FRUIT importers and distributors Fyffes said it has seen a very positive start to the year and has increased its 2011 earnings target range to €20m-€24 million.

As is traditionally the case, the group said the 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”.

In the year to date, the group has achieved increases in selling prices in the banana category, particularly in Continental Europe.

The price outlook was boosted by supply shortages in the early months of 2011, attributed to bad weather conditions.

Better prices also boosted last year’s results at Fyffes, which in March reported pre-tax profits of €21.3m for 2010.

Total revenue — which included its share of joint ventures — was 2% higher at €742.1m. Earnings per share rose 6% to 5.5c