Tropical produce importer and distributor Fyffes has announced that it expects its earnings for 2009 to be towards the upper end of targets outlined in September, despite the difficult trading conditions experienced at the end of the year.
In a financial press release, the Ireland-based group said that it expected its adjusted EBIT (earnings before interest and taxation) to be in the order of €20m-€21m, towards the upper end of the target range of €18m-€22m set out in September last year.
A result in this range would represent a significant improvement on the €15.3m of earnings recorded in 2008, with year-end net cash expected to amount to around €37m.
Higher earnings would come despite tougher trading conditions in December, when 'exceptionally cold weather' throughout Europe had an adverse impact on the company.
Looking ahead to 2010, Fyffes said that it would continue to pursue higher selling prices to offset increases in input costs, while the cold spell across Europe continued to impact trading during the early weeks of the year.
'Fyffes is currently targeting an adjusted EBIT in the range of €17m-€22m in 2010, based on an expectation of achieving the required increases in average selling prices in all markets,' the group said.
