Fyffes has revealed its preliminary results for the full year of 2014, reporting on strong year-on-year earnings growth for the sixth consecutive year.
Operating profit for the 12-month period stood at €39m, up from €30m in 2013, with total revenue - including the group's share of joint ventures - up 0.8 per cent to €1.09bn.
The increase in turnover in the year reflected organic volume growth in the pineapple and melon categories, Fyffes noted, offset by price deflation in bananas and pineapples.
Adjusted EBITA was up 22.9 per cent at €40.1m, adjusted EBIT amounted to €40.1m, up 28.1 per cent year-on-year, and adjusted EBITDA was up 20.5 per cent to €48.2m.
Fyffes said its key drivers of performance in its tropical produce operations were average selling prices, exchange rates and the costs of fruit, shipping and fuel.
The group reported on what it described as 'modest' operating profts in the banana category, with an improved result in pineapples and a strong result in Fyffes' US melon business.
“Fyffes continued to perform strongly in 2014, delivering a 26.6 per cent increase in adjusted earnings per share, our sixth consecutive year of earnings growth,' said Fyffes chairman David McCann.
