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Investors peel away from Fyffes stock after good results

Fri, 26th Feb 2016 15:34

(ShareCast News) - Brits going bananas for imported fruit made for a good year at Fyffes in its annnual report on Friday, but investors weren't sharing the sentiment.The AIM-traded company saw EBITDA increase 16.4% to €56.1m (£44.2m) in the 2015 calendar year, and reported earnings per share growth of 14% to 12.73 euro cents. EBITA was up 14.2% to €45.8m.Total revenue grew 12.1% to £1.22bn, from £1.09bn a year earlier.It was the seventh consecutive year of earnings growth for the company, with the board citing compound annual growth in earnings per share of 18.2% in 2008.Return on invested capital was strong, at 15.9%, and the company increased its final dividend by 15% to 1.926c per share, making for a total dividend of 2.741c per share."Fyffes has delivered another important step up in earnings in 2015, its seventh consecutive year of growth, with a 14.2% increase in adjusted EBITA to €45.8m," said chairman David McCann.He said the group was focused on consolidating at the higher level of earnings, pursuing increases in selling prices in all markets in response to the continuing strength of the US dollar against the euro and sterling."The group is also focused on continuing to grow its business and is actively pursuing a number of attractive acquisition opportunities," McCann added.Fyffes' board said it was targeting an EBITA range of €42m-€48m in the 2016 year.At 1547 GMT, shares in Fyffes were down 2.15% to 102.25p.
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