Fyffes profits jump

Fruit distribution company Fyffes has announced a 44.2% increase in pre-tax profits for the six months to the end of June. Profit was up from €42m in the same period last year to €60.6m this year.

When pre-tax profits were adjusted to cater for property profits, other exceptional items and goodwill amortisation, the increase fell to 15.1%, from €42.3m last year to €48.7 this year.

Turnover was €1.043bn in the first half of this year, compared to €1.001bn for the same period in 2003.

Commenting on the results, chairman Carl McCann: "The group has delivered strong results in the first six months of the year. Fyffes’ produce businesses performed very well during the period, achieving an impressive 15% increase in trading profits."