Fyffes reports increase in profits
Fyffes has reported a 17.5% increase in pre-tax profits for the six months ending June 2005. Pre-tax profits rose to €69.3m from €58.9m for the same period last year.
Sales for the half year rose by 17.7% to €1.1 billion from €944m the same time last year. The company said it was targeting high-teens percentage growth in earnings for the full year.
Fyffes said that after the 'exceptional' results in the first half of the year, trading in July and August has been 'satisfactory'.
'Taking into account that the performance in the second half of last year was very strong and given the significant cost inflation being experienced in the industry, particularly in relation to fuel costs, Fyffes is currently targeting an increase in adjusted earnings per share, for the full year in the high teens in percentage terms,' the company said. This is slightly ahead of expectations in the group's trading update in June.
It said that it continues to actively pursue opportunities to apply the group's substantial resources to develop Fyffes both organically and through further 'attractive acquisitions and alliances'.
