Wednesday 28 September 2016

Fyffes posts 8.7pc revenue growth in first half, moves to net cash position

Published 27/08/2015 | 07:36

Bunches of Fyffes bananas sit displayed for sale on a fruit and vegetable stall at an outdoor market
Bunches of Fyffes bananas sit displayed for sale on a fruit and vegetable stall at an outdoor market

Irish banana company Fyffes posted an 8.7pc revenue jump in the first half - taking in €644.3m.

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The company, which hoped but failed to merge with Chiquita last year, said the increase was due to the weak euro, modest volume growth in the banana category, and some price increases in each of its product categories.

Pre-tax profit rose to €30.8m from €22.2m.

“Fyffes is pleased to report a continuation of the strong growth in earnings achieved in recent years, with a 12.2pc increase in Adjusted EPS (earnings per share) in the first half of the year," chairman David McCann said.

Mr McCann said the company would increase its interim dividend by 15pc.

"The Group is also pleased to reconfirm the increased 2015 full year target earnings ranges announced on 19 June 2015.  This demonstrates the Group’s ability to quickly adapt to prevailing market conditions given the significant adverse movement in exchange rates earlier in the year.  Fyffes continues to pursue increases in selling prices in all markets in this regard," he added.

"Cash generation has been strong in the year to date, with the Group moving from net debt of €11.7m at the beginning of the year to a net cash position of €18.6m at 30 June 2015."

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