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7 Dec 2012 16:03
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Stock Exchange Announcement
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Fyffes expects 2012 earnings to be towards upper end of target range
Similar target range set for 2013
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Fyffes has experienced favourable market conditions through the final months of 2012 reflecting, in particular, continuing supply constraints in the banana category. The Group expects its EBITA for the year to be towards the upper end of its current range of ā¬28m-ā¬33m and, as a result, is narrowing this target range to ā¬30m-ā¬33m. This represents a very strong performance for the year, an increase of 29%-42% on the ā¬23.2m result in 2011. The percentage increase in EPS is expected to be 37%-52%, reflecting the additional positive impact of the shares repurchased in 2011.
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Fyffes remains positive about the future prospects of its business and is well placed to achieve further growth based on the strategic and operational advances made in recent years. The industry will once again experience cost inflation in 2013 and, as a result, higher selling prices will be necessary in all markets. Fyffes' initial target EBITA for 2013 is in the range ā¬27m-ā¬33m.Ā
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The Group's target ranges for 2012 and 2013 are summarised in the following table:
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Ā | 2012 Target Ranges | 2013 Target Ranges |
Ā | Ā | Ā |
EBITDA | ā¬39m - ā¬42m | ā¬36m - ā¬42m |
EBITA | ā¬30m - ā¬33m | ā¬27m - ā¬33m |
EPS | 8.3 cent - 9.2 cent | 7.5 cent - 9.2 cent |
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Fyffes continues to actively pursue a number of development opportunities and further organic growth in order to increase shareholder value. The Company may also repurchase further Fyffes plc shares in the market, from time to time.
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Fyffes plc
7 December 2012
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For further information, please contact:
Brian Bell, Wilson Hartnell PR - Tel: +353 1 669 0030
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