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Fyffes increases target profit range for 2011

Fyffes has said it had a positive start to the year and is increasing its 2011 target earnings before tax range to €20m-€24m, from €17m-€22m previously.

The firm said its full year result is expected to be significantly weighted to the seasonally stronger first six months, as was the case in earlier years,

It added that profits in the first half are expected to be well ahead of the result achieved in the very difficult trading conditions in the same period in 2010.

Fyffes said it was seeing increases in selling prices in the banana category in the year to date, particularly in Continental Europe.

It added: "The industry has experienced supply shortages in the early months of 2011, due to adverse weather conditions in production regions, and further cost inflation particularly for bunker fuel.

"The Group’s performance in the year to date has also benefitted from operational efficiencies, including the positive impact from significant investments in recent years."

Online Editors