19 Jun 2015 07:00
Stock Exchange Announcement
Fyffes significantly increases its earning target for 2015
Fyffes has continued to perform well in the year to date including securing necessary increases in selling prices in the banana and pineapple categories in response to significant currency headwinds and through its constant focus on operational efficiencies. This demonstrates the Group's robust business model and its ability to quickly adapt to prevailing market conditions. Fyffes has also had another strong performance in the recently ended US melon import season.
The Group is increasing its target earnings ranges for the full year 2015 as set out in the table below, continuing its track record of strong earnings growth in recent years. The EBITDA range now includes an estimated depreciation charge of c.€11m for 2015, compared to €8.1m in 2014, reflecting the significant level of capital expenditure in the previous year.
| 2015 Target Ranges | 2014 | |
| Revised | Previous | Actual |
|
|
|
|
EBITDA | €55m - €61m | €44m - €50m | €48.2m |
EBITA | €44m - €50m | €36m - €42m | €40.1m |
EBIT | €44m - €50m | €36m - €42m | €40.1m |
Adjusted EPS | 12.2 - 13.9 cent | 10.0 - 11.8 cent | 11.17 cent |
Fyffes is confident about the future prospects of its business and is well placed to compete strongly in its key markets, following important strategic and operational developments in recent years. The Group also remains focused on achieving further efficiencies in its operations.
Fyffes plc
19 June 2015
For further information, please contact:
Sheila Gahan, Wilson Hartnell PR - Tel: +353 1 669 0030 / Mobile: 087 234 2409