Fyffes has announced it is increasing its target profit range for 2012. The Irish multi-national made the statement after delivering a strong performance in the early months of this year. The group is increasing its target earnings before interest, taxes and amortization (EBITA) range for the full year 2012 to €25million-€30m, from €22m-€27m previously, and compared to €23.2m in 2011. This would equate to an adjusted earnings per share of between 6.80 and 8.30 cent, compared to 6.05 cent in 2011. Fyffes said that as in previous years, this result will be significantly weighted towards the first half.
The announcement was made ahead of Fyffes’ agm last week and the company said the produce industry as a whole has experienced further cost inflation during the period, including higher bunker fuel costs, and less favourable exchange rates. Fyffes continues to pursue necessary increases in selling prices in all markets. In a statement the company said: “The group’s performance to date in 2012 and its positive outlook for the full year reflects the impact of further operational efficiencies, a continued focus on costs and returns on the group’s significant investment in the business in recent years. Fyffes remains focused on growing the group both organically and through further strategic acquisitions and alliances.”
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