Wednesday 7 December 2016

Fyffes profits hit by pension termination as revenue rises to €1.2bn

Published 26/02/2016 | 07:33

David McCann, Executive Chairman of Fyffes
David McCann, Executive Chairman of Fyffes

Fyffes, the Dublin-headquartered tropical produce company, has seen its total revenue rise by 12.1pc last year as the firm delivered its seventh consecutive year of growth.

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In the firm's annual results, published this morning, group EBITDA rose by 16.4pc to €56.1m while earnings per share at the firm jumped 14pc to 12.73c.

Fyffes bumped up its dividend by 15pc to 2.745c in a year that it posted total group revenue, including its shares of joint ventures, of €1.22bn.

Pre-tax profits at the firm fell from €38.2m in 2014, down to €31.8m in 2015, representing a 16.7pc fall.

However, profits were affected by a €12m exceptional charge which includes €11.1m charge from the termination of the group's Irish defined benefit pension scheme.

The firm's chairman, David McCann, said that Fyffes had taken an "important step up" in earnings in 2015.

"The group is focused on consolidating at this higher level of earnings.  The initial target EBITA for 2016 is in the range €42m to €48m.  Fyffes is pursuing necessary increases in selling prices in all markets in response to the continuing strength of the US dollar against the euro and sterling," Mr McCann said.

Fyffes posted an increase in its gross profit in 2015, up from €104,187 to €119,680.

As part of the firm's outlook Mr McCann the company will look to consolidate at its higher level of earnings.

"Having achieved a further step up in profitability in 2015, Fyffes is focused on consolidating at this higher level of earnings.Fyffes is pursuing increases in selling prices in all markets in response to the continuing strength of the US Dollar against the euro and Sterling," Mr McCann said.

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