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11 Jan 2010 11:54
Stock Exchange Announcement
Fyffes' 2009 earnings expected to be towards upper end of range
On 4 September 2009 Fyffes increased its target Adjusted EBIT* for the full year 2009 to the range €18m-€22m. Trading conditions were difficult towards the end of the year due to the adverse impact of the exceptionally cold weather throughout Europe in December. Nevertheless, Fyffes expects its Adjusted EBIT* for 2009 to be in the order of €20-€21m, towards the upper end of the target range, and significantly up on the €15.3m result in the previous year. Year end net cash is expected to amount to approximately €37m.
Looking forward to 2010, the Group will continue to pursue higher selling prices to offset increases in input costs. The exceptional cold spell across Europe is having an adverse impact on current trading in the early weeks of the year. Fyffes is currently targeting an Adjusted EBIT* in the range €17m-€22m in 2010, based on an expectation of achieving the required increases in average selling prices in all markets.
Fyffes continues to actively pursue a range of potential opportunities in order to invest its resources with the objective of increasing shareholder value over time.
*Adjusted EBIT excludes amortisation charges, the Group's 40% share of the results of Blackrock International Land plc and exceptional items.
Fyffes plc
11 January 2010
For further information, please contact:
Brian Bell, Wilson Hartnell PR - Tel: +353 1 669 0030
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