Fyffes 'significantly increases' earnings target

June 22 , 2015

Irish fruit multinational Fyffes PLC (ESM:FFY) has boosted its earnings target for 2015 in light of a strong performance in the first half of the year. banana_66284746 small

The group now expects to report an EBITDA of €55-61 million (US$62-69 million), compared to previous expectations of €44-50 million (US$50-56.7 million) and against €48.2 million (US$52.7 million) a year earlier.

The EBITDA range now includes an estimated depreciation charge of €11 million (US$12.5 million) for 2015, compared to €8.1 million (US$9.2 million) in 2014, reflecting the significant level of capital expenditure in the previous year.

“Fyffes has continued to perform well in the year to date including securing necessary increases in selling prices in the banana and pineapple categories in response to significant currency headwinds and through its constant focus on operational efficiencies,” it said in a statement.

“This demonstrates the Group’s robust business model and its ability to quickly adapt to prevailing market conditions. Fyffes has also had another strong performance in the recently ended US melon import season.”

The company added it was confident about the future prospects of its business and said it was well placed to compete strongly in its key markets following ‘important strategic and operational developments’ in recent years.

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