Monday 23 October 2017

Fyffes look to acquire after sales jump 12.1pc

Fyffes boss David McCann
Fyffes boss David McCann
Michael Cogley

Michael Cogley

Fyffes, the Dublin-headquartered fruit importers, saw its total revenue rise by 12.1pc last year as the firm delivered its seventh consecutive year of growth.

Annual results, published yesterday, show group earnings rose by 16.4pc to €56.1m.

Meanwhile, earnings per share at the firm increased by 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 an €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.

"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," he said.

Equity analyst at Goodbody Stockbrokers Patrick Higgins said: "They may potentially look to acquire business in the banana division, maybe pineapples, but bananas is probably on their agenda."

Irish Independent

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