Fyffes beat even its own expectations in delivering profits ahead of its own targets and market expectations in 2008, with a €21.3 million (£19.6m) boost.
The fruit distributor recorded pre-tax profits of €31.5m for the year ending December 2008, excluding its property venture Blackrock’s finances and exceptional items, up from €10.2m in 2007.
Revenues for the year rose by seven per cent from €708.9m to €758.2m, including revenue from acquisitions made during the year and exceptionally high banana prices in the market. Earnings before interest and tax fell to €15.3m from €17.4m.
Fyffes reported that its pre-tax target for 2009 is €14-18m, which remains unchanged despite a slow start to the year, which has picked up in the past month.
In 2008 Fyffes had claimed “unprecedented” levels of cost inflation in shipping, fruit and fuel would impact negatively on its results, but said the weak nature of some exchange rates, in particular the US dollar, had a positive impact, as had improved selling prices worldwide.
Chairman David McCann said: "Fyffes' profits for 2008 were slightly ahead of target and market expectations, notwithstanding the unprecedented increases in the costs of fruit, shipping and fuel experienced by the industry during the year.
"After a slow start to the year, pricing has improved in recent weeks and the group's target for the year remains unchanged. In this difficult economic environment, Fyffes' products represent excellent value for money and we believe consumption will remain strong."
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