Fyffes Hits Profit Targets After Strong First Half 2016
Fruit importer Fyffes has reported pre-tax profits of €35.6 million for the first half of this year, up 4.5% from €30.8 million in the same period last year.
Total revenue increased by almost 15% to €739.3 million, and earnings before interest, tax, depreciation and amortisation were 11.3% higher at €44 million.
Whilst Fyffes performed well in the pineapple and melon businesses, it struggled in the banana market due to difficult market conditions.
“The result for the first half of the year was satisfactory given the difficult prevailing market conditions, including adverse currency movements as a result of the weakness of sterling and the euro against the US dollar,” said chairman David McCann.
The business raised its earnings guidance to €63-69 million in April after acquiring Highline Produce, a Canadian mushroom company.
© 2016 - Checkout Magazine by Miyuki Nakano