Friday 23 March 2018

Fyffes revenue rises by 3pc in first quarter

Fyffes reports profits of pre-tax profits of €15.8m
Fyffes reports profits of pre-tax profits of €15.8m

REVENUE at fruit company Fyffes rose just over 3pc in the first three months of the year compared with the same period in 2013.

The Irish company, which is in the midst of a $1bn (€728m) merger with Chiquita, announced yesterday that it had taken in €306.5m between January and March - up from the €296.5m recorded in the first quarter of last year.

Sales were higher in each of the group's product categories - with melons one of the star performers - although the overall performance was partly off set by lower average prices in the banana and pineapple categories.

The company said that they key drivers behind the success in its tropical produce operations were average selling prices, exchange rates and the costs of fruit, shipping and fuel.

Fyffes chairman David McCann said the company had delivered strong results in the first quarter of the year.

“Adjusted EBITA was 14.9pc higher at €16m, including a very good performance in the melon category.

“The Group is maintaining its full year target adjusted EBITA range of €30m-€35m.”

 Profits in the banana business were slightly down, particularly in continental Europe.

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business