Sunday 19 November 2017

Fyffes reports higher profits for 2014

A bunch of Fyffes bananas, grown by Fyffes Plc, left, sits with bunches of Chiquita bananas, grown by Chiquita Brands International Inc., in this arranged photograph taken at a fruit and vegetable stall at an outdoor market in the Lewisham district of London, U.K., on Friday, Aug. 15, 2014. Chiquita, owner of the namesake banana label, said it will continue with its planned purchase of Irish competitor Fyffes after rejecting an unsolicited $611 million takeover proposal from Cutrale Group and Safra Group. Photographer: Simon Dawson/Bloomberg
A bunch of Fyffes bananas, grown by Fyffes Plc, left, sits with bunches of Chiquita bananas, grown by Chiquita Brands International Inc., in this arranged photograph taken at a fruit and vegetable stall at an outdoor market in the Lewisham district of London, U.K., on Friday, Aug. 15, 2014. Chiquita, owner of the namesake banana label, said it will continue with its planned purchase of Irish competitor Fyffes after rejecting an unsolicited $611 million takeover proposal from Cutrale Group and Safra Group. Photographer: Simon Dawson/Bloomberg

Paul O'Donoghue

Pre-tax profits at fruit distributor Fyffes rose by more than 25pc last year to €39m, making 2014 the company’s sixth consecutive year of growth.

Total revenues at the company were up by 0.8pc to €1.091bn. Group revenue, excluding Fyffes' share of its joint ventures, increased by 2pc to €853m in the year.

The company is proposing to pay a final dividend for 2014 of €1.673 cent per share, up 12.3pc on the previous year.

Earnings per share in 2014 amounted to €11.17 cent, up 26.6pc on the previous year.

The company suffered a major setback last year after its planned near $1bn merger with US banana distributor Chiquita was aborted.

The proposed combination, first unveiled in March, would have created a distributor of more than 160 million banana boxes a year.

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