Fyffes earnings hit by euro currency fall against dollar

Shares in Fyffes were little changed yesterday, even as the fresh produce provider reported its earnings were hit by a slump in the value of the euro against the dollar, in the first half of the year.

Excluding its recent €99m purchase of Canadian mushroom firm Highline, adjusted earnings in the first six months were close to the performance of a year earlier, which was “a good result for the period with strong performances in the pineapple and melon categories offsetting the impact of relatively difficult market conditions experienced in the banana category”, the company said.

It also reaffirmed targets of adjusted earnings before interest, tax, depreciation and amortisation of €63m to €69m for the full year.