Fyffes profits up 32.2%
Fruit distribution company Fyffes has announced a 32.2% jump in profits to €94.7m, before exceptional items and goodwill amortisation. The comparable figure in 2003 was €71.6m.
Final dividend per share is up 17.7% to 6.73 cent.
Total turnover for 2004 was €2.1bn, compared to €1.9bn in 2003, an increase of 11.5%. The acquisition of Everfresh Group AB in Sweden, in May 2004, accounted for €177m of this increase.
Fyffes chairman Carl McCann: “Fyffes is pleased to report record results for 2004, with profit before tax, excluding goodwill amortisation, exceeding €100m for the first time, helped by good profits from property activities.
"Strong performances in Continental Europe, together with first time contributions from acquisitions, have generated increases of more than 30% in adjusted profit before tax and earnings per share."
He added that trading was "satisfactory" in the first two months of 2005, particularly in Continental Europe.
Fyffes is seeking price increases to compensate for what it says are the significant increases in shipping, transport and fuel costs.
