Fyffes has increased its target profit range for the year. The group said in a statement that it has had a positive start to the year and is increasing its 2011 target EBITA range to €20million-€24million, from €17m-€22m previously.
The full year result is expected to be “significantly weighted” to the seasonably stronger first six months, as in earlier years, with profits in the first half expected to be well ahead of the result achieved in the very difficult trading conditions in the same period in 2010.
A Fyffes spokesman said it had achieved increases in selling prices in the banana category in the year to date, particularly in continental Europe due to supply shortages in the early months of 2011. This was due to adverse weather conditions in production regions, and further cost inflation particularly for bunker fuel.
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