Business News

Revenues rise to €644m at Fyffes

By Business & Finance
27 August 2015
bananas stock

Fyffes, a leading importer and distributor of tropical produce, headquartered in Dublin, has reported strong first half results for 2015.

Fyffes has reported continued earnings growth in first half of 2015, with a 15% increase in interim dividend and generation of €18.6m net cash.

The company has also seen its revenues rise by 8.7% to €644.3m, with pre-tax profit up 9.3% to €33.9m.

David McCann, chairman, said: “Fyffes is pleased to report a continuation of the strong growth in earnings achieved in recent years, with a 12.2% increase in adjusted EPS in the first half of the year. The Group is also pleased to reconfirm the increased 2015 full year target earnings ranges announced on June 19th 2015. This demonstrates the Group’s ability to quickly adapt to prevailing market conditions given the significant adverse movement in exchange rates earlier in the year. Fyffes continues to pursue increases in selling prices in all markets in this regard.

He continued: “Cash generation has been strong in the year to date, with the Group moving from net debt of €11.7m at the beginning of the year to a net cash position of €18.6m at 30 June 2015. Fyffes is very focused on shareholder value and is increasing its interim dividend by 15% given its strong performance in the year to date and in recent years. The Group may also, from time to time, repurchase further Fyffes shares in the market.”

Fyffes is listed on the Irish Enterprise Securities Market (ESM) in Dublin and the Alternative Investment Market (AIM) in London.

Photo: Ian Ransley