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7 Jan 2009 07:00
Stock Exchange Announcement
Fyffes' 2008 earnings targeted to be at the upper end of expectations
Fyffes expects to deliver 2008 Adjusted EBIT* in the order of €15m, at the upper of the range indicated in its previous trading update on 29 August 2008. Year end cash balances are expected to amount to €33m.
Looking ahead to 2009, 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 to Sterling. The Group expects further cost inflation in 2009 with higher fruit and shipping costs only partly offset by lower fuel costs. Fyffes is seeking significant increases in selling prices in all key markets.
Fyffes is targeting an Adjusted EBIT* for 2009 in the range €14m-€18m, based on an expectation of achieving the necessary increases in average selling prices.
* Adjusted EBIT excludes amortisation charges, the Group's 40% share of the results of Blackrock International Land plc and exceptional items.
Fyffes plc
7 January 2009
For further information, please contact:
Brian Bell, Wilson Hartnell PR - Tel: +353-1-669-0030
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