Pre-tax profits grew by 44 per cent in Fyffes interim results, as the Irish fruit giant outperformed market expectations.
While turnover rose 4.2 per cent to 1.04bn euros, the company put the rise to 60.6m euros pre-tax profit down to a combination of solid trading, increased cost efficiencies and successful property deals worth 14.3m euros.
The produce side of Fyffes business played its part by recording a 15 per cent increase in trading profits. Fyffes chairman Carl McCann said that cost control and beneficial currency movements had offset slightly weaker banana prices, adding that tight cost controls would be crucial as the group attempts to combat spiralling oil costs and other cost-laden factors.
Swedish firm Everfresh, acquire by Fyffes in May, weighed in with a 1.2m euro first-time contribution.
Trading in the two-month spell after the results period has been reasonable and McCann expects full-year results to be marginally better than market forecasts.
No comments yet