Irish fruit importer Fyffes has reduced its annual earnings forecast due to a rise in the cost of fruit and exchange rate issues, according to the Irish Times.

The company said earnings before interest and tax will now be between €12 million (£9.7m) and €15m, compared to €17.4m last year. On June 30, net cash balances stood at €53m. The net cash target for the end of the year is now set to register between €34m and €37m.

This reflects further capital expenditure on the expansion of one of Fyffes’ UK distribution centres, said the firm, along with the anticipated second half trading losses and dividend payments.

Interim results are due for publication on September 11.

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