24th May 2005 10:40
Fyffes PLC24 May 2005 Fyffes plc STOCK EXCHANGE ANNOUNCEMENT Remarks by Chairman, Carl McCann, at the Fyffes AGM held at 10.30am today, inDublin Fyffes Chairman, Carl McCann, spoke positively about current trading andreferred to the trading statement issued to the Stock Exchange on 5 May 2005 inwhich the company stated that: "Market conditions have remained favourable through the first four months of2005, contributing to a significant increase in adjusted profit before tax andearnings per share, excluding exceptional items, compared to the same periodlast year. In particular, this reflects a very strong performance in theGroup's Continental European operations and includes the first time contributionfrom acquisitions. The Group continues to pursue price increases to address the lower margins beingachieved in its UK/Ireland operations and the significant cost inflation beingexperienced by the industry. Given this positive start to the year, and notwithstanding the strongperformance recorded in the second half of 2004, Fyffes is now targeting adouble digit increase in adjusted earnings per share for the full year in 2005". He went on to say that, with Fyffes' strong balance sheet and cash generatingcapabilities, the Board remains committed to its ambition to expand the Groupboth organically and through further strategic acquisitions and alliances. Retirement of director The Fyffes Chairman also announced that Mr Denis Bergin has informed him of hisintention to retire as a director of the company with effect from 31 December2005. Commenting on this, Carl McCann said: "I would like to pay tribute toDenis for his contribution to Fyffes over many years, originally as legaladvisor to the Group and then, more recently, as a non-executive director. Hehas consistently supported the Group's development strategy which has madeFyffes one of the largest fresh produce companies internationally. We greatlyvalue Denis's wisdom, his excellent advice and very hard work on behalf ofFyffes over this period. " 24 May 2005 For further information please contact: Brian Bell, Wilson Hartnell PR Tel: +353-1-669 0030 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FFY.L