Fyffes has revised its earnings target for 2009 toward the upper end of expectations announced four months ago.
On 4 September 2009, Fyffes increased its target for the full year 2009 to the range €18 million-€22m (£16.2m-19.7m), after it enjoyed a better-than-expected spell of summer trading.
In a statement, the company said: “Trading conditions were difficult towards the end of the year due to the adverse impact of the exceptionally cold weather throughout Europe in December. Nevertheless, Fyffes expects its adjusted earnings before interest and tax for 2009 to be in the order of €20-€21m, towards the upper end of the target range.”
This earnings expectation shows a significant leap on the €15.3m result in 2008. But Fyffes is aware that tougher times may lie ahead. The company’s statement read: “The exceptional cold spell across Europe is having an adverse impact on current trading in the early weeks of the year.”
Fyffes announced that it will continue to pursue higher selling prices to offset increases in input costs and is targeting an adjusted earnings before interest and tax in the range €17m-€22m in 2010, based on an expectation of achieving the required increases in average selling prices in all markets.
