24th Apr 2008 07:01
Fyffes PLC24 April 2008 Fyffes plc Stock Exchange Announcement Positive year to date trading performance at Fyffes The significant industry wide cost inflation experienced during the past numberof years has continued and accelerated during 2008. Notwithstanding this, theGroup's trading performance for the first four months of the year, particularlyin Continental Europe, has been well ahead of the same period in 2007. However,the Group needs to achieve higher year on year prices across all of itsoperations during the remainder of the year to offset the impact of thecontinuing increases in the costs of fruit and fuel. On this basis, Fyffescontinues to target an increase in Adjusted EBIT* for the full year in themid-teens in percentage terms and a low double digit percentage increase inAdjusted EPS*, in line with current market expectations. The increase inprofits in 2008 will be significantly weighted towards the first half of theyear, taking account of the relatively more difficult market conditions in theearly part of last year. As previously announced, Jimmy Tolan will resign as Chief Executive on 30 April2008 and will continue as a non-executive director. The Board is satisfied thatthe strong and experienced management team, led by Executive Chairman, DavidMcCann, Chief Operations Officer, Coen Bos and Finance Director, Tom Murphy, hasthe capacity and resources and is well placed to successfully implement Fyffes'medium term strategic plan, which aims to double the size of the Group'sbusiness by 2011. * Adjusted EBIT and Adjusted EPS exclude amortisation charges, theGroup's 40% share of the results of Blackrock International Land plc andexceptional items (including the gain arising from the recent €37.6m settlementof Group's litigation against DCC plc and others). Fyffes plc 24 April 2008 For further information, please contact: Brian Bell or Andrew McLindon, 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