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12 May 2011 07:00
Stock Exchange Announcement
Fyffes increases target profit range for year
Fyffes has had a positive start to the year and is increasing its 2011 target EBITA* range to €20m-€24m, from €17m-€22m previously. The full year result is expected to be significantly weighted to the seasonally 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.
Fyffes has achieved increases in selling prices in the banana category in the year to date, particularly in Continental Europe. The industry has experienced supply shortages in the early months of 2011, due to adverse weather conditions in production regions, and further cost inflation particularly for bunker fuel. The Group's performance in the year to date has also benefitted from operational efficiencies, including the positive impact from significant investments in recent years.
*Adjusted EBITA excludes amortisation charges, the Group's 40% share of the results of Balmoral International Land plc and exceptional items.
Fyffes plc
12 May 2011
For further information, please contact:
Brian Bell, Wilson Hartnell PR - Tel: +353 1 669 0030
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