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11 Jan 2011 15:20
Stock Exchange Announcement
Fyffes expects 2010 earnings to be ahead of previous target
Fyffes expects its Adjusted EBITA* for 2010 to be in the range €19m-€20m, compared to the €14m-€18m previously indicated. Banana selling prices in the Continental European market finished the year strongly.
Fyffes expects to deliver a mid-single digit percentage increase in its Adjusted EPS* for 2010 compared to the 5.19 cent in 2009, reflecting the additional benefit of a lower minority interest charge for the year.
In 2011 the Banana and Pineapple industries face higher costs due to less favourable exchange rates and increased bunker fuel prices. Fyffes believes higher selling prices will be required in all its markets. Fyffes is targeting an Adjusted EBITA* for 2011 in the range €17m-€22m.
The Group continues to pursue a number of opportunities to further develop its business in order to increase shareholder value.
*Adjusted EBITA and Adjusted EPS exclude amortisation charges, the Group's 40% share of the results of Balmoral International Land plc and exceptional items.
Fyffes plc
11 January 2011
For further information, please contact:
Brian Bell, Wilson Hartnell PR - Tel: +353 1 669 0030
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