2nd Sep 2016 07:16
LONDON (Alliance News) - Irish banana and fresh produce supplier Fyffes PLC on Friday reported growth in profit in the first half of 2016, and reiterated its guidance for the full year.
Fyffes said its pretax profit in the first six months of the year grew to EUR35.6 million from EUR30.8 million in the first half of 2015, as revenue rose to EUR630.5 million from EUR540.6 million.
Fyffes added that mushroom business Highline, which it bought in April, is performing in line with expectations, while its pineapple and melon categories demonstrated a particularly strong performance in the half, but the banana business suffered challenges due to the strengthening of the US dollar against the euro and sterling.
Fyffes reconfirmed its full-year guidance of between EUR63 million and EUR69 million for adjusted earnings before interest, tax, depreciation and amortisation; between EUR49 million and EUR55 million for adjusted Ebita; and between 12.8 cents and 14.5 cents for adjusted earnings per share.
Fyffes will pay an interim dividend of 0.9032 cents, up from 0.8211 cents the year before.
"Fyffes continues to pursue increases in selling prices in all markets to offset continuing adverse exchange rates. The group remains confident about its future prospects and is well placed to compete strongly in its key markets," Chairman David McCann said in a statement.
Shares in Fyffes were untraded early Friday, last quoted at 131.75 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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