The Fyffes Group, primarily known for its bananas, saw pre-tax profits for the six months to June 2002 rise by 6.8 per cent.

During the period, profits reached Euros 38.9 million, as opposed to Euros 36.8 million in the same period of the previous year.

Fyffes chairman, Neil McCann, said: 'We are pleased that the Group has delivered a satisfactory performance in the first half of the year, despite challenging trading conditions.

'Continuing initiatives to reduce operating costs and the disposal of certain businesses have resulted in an improved operating margin and further growth in profits before tax and earnings per share.

'Strong operating cash flows have increased net cash resources to Euros162.9 million leaving Fyffes well placed to maintain its strategy of Group development by acquisition.'