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7 Jan 2009 07:00
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Stock Exchange Announcement
Fyffes'Β 2008Β earningsΒ targetedΒ to be at theΒ upperΒ end of expectations
FyffesΒ expects toΒ deliverΒ 2008 Adjusted EBIT*Β in the order ofΒ β¬15m, at theΒ upperΒ of the range indicated in its previous trading update on 29 August 2008. Year end cash balancesΒ are expected to amountΒ to β¬33m.
Looking ahead to 2009,Β there has been a significant adverse movement in exchange rates in recent months as a result of the strengthening of the US Dollar, particularly relative toΒ Sterling. The Group expects further cost inflation in 2009Β withΒ higher fruit and shipping costsΒ only partlyΒ offsetΒ byΒ lower fuel costs. FyffesΒ isΒ seeking significant increases in selling prices in allΒ key markets.
FyffesΒ isΒ targetingΒ an Adjusted EBIT* for 2009Β in the range β¬14m-β¬18m, based onΒ anΒ expectation of achievingΒ the necessary increasesΒ inΒ average selling prices.
* Adjusted EBIT excludesΒ amortisation charges, the Group's 40% share of the results of Blackrock International Land plc and exceptional items.
Fyffes plc
7Β JanuaryΒ 2009
For further information, please contact:
Brian Bell, Wilson Hartnell PR - Tel: +353-1-669-0030
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