Fyffes, which is in the middle of a proposed merger with Chiquita, has announced its results for the first quarter of 2014, with growth in both revenue and pre-tax profit.
Adjusted profit before tax stood at €15.8m, up 19 per cent on the €13.4m recorded last year.
According to Fyffes, profit growth was driven by 'favourable conditions in the melon category', which offset lower proftability in the banana and pineapple segement – both categories hit by lower average selling prices.
Revenue, including the group's share of joint ventures, rose 3.4 per cent to €306.5m, while Fyffes was also impacted by a €6.2m exceptional charge on its income statement, representing the estimate of professional fees and related costs incurred in connection with the Chiquita merger.
'Fyffes has delivered a strong result in the first quarter of 2014,' said chairman David McCann. 'Adjusted EBITA was 14.9 per cent higher at €16m, including a very good performance in the melon category. The Group is maintaining its full year target adjusted EBITA range of €30m-€35m.
'In relation to the proposed merger with Chiquita, a registration statement on Form S-4 has been submitted to the SEC in the US and will be circulated to shareholders once it has been declared effective by them,' he confirmed. 'The review of the proposed merger by antitrust authorities in various jurisdictions is ongoing.”
