Fyffes shares rise on better forecast
SHARES in Fyffes rose yesterday, after the fruit firm upped its full-year earnings target.
In a statement marking its results for the first half of the year, Fyffes said it expected to post profits in 2013 of between €29m and €34m. That compared to its previous forecasts of €27m to €33m.
In the six months to the end of June, the company said pre-tax profits rose 1.1pc to €22.2m on the back of revenue that was 6pc ahead of the same period in 2012.
Fyffes traditionally does about three quarters of its business in the first half of the year. "Having achieved a significant step up in profits in 2012, Fyffes is pleased to have grown its business further and consolidated its earnings at this higher level in the first half of 2013," claimed company chairman David McCann.
Despite the better figures, Fyffes said trading conditions were "relatively more difficult in the early months" of the year compared to 2012, with its key banana business being particularly tough. The company also struggled to grapple with a strong US dollar. But the company still increased its interim dividend 4.6pc to 0.68c per share. By the close in Dublin Fyffes was trading at 77c in Dublin – a gain of 0.9pc.