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26 Jun 2009 07:00
Stock Exchange Announcement
Fyffes increases earnings target for 2009
At the beginning of the year, Fyffes indicated that it was targeting an Adjusted EBIT* for 2009 in the range of €14m-€18m. This target was based on achieving increases in average selling prices in all markets to offset the impact of cost inflation and less favourable exchange rates compared to last year.
In the year to date, Fyffes' key input costs have been c.20% higher than last year, including the impact of exchange rates. Offsetting this, market conditions have been generally favourable in recent months, particularly in Continental Europe. The Group has achieved increases in average selling prices and has benefitted from the positive impact of its currency hedging. Fyffes continues to seek increases in selling prices, in all markets, to address the underlying increase in costs.
Taking these factors into account, and bearing in mind that it is only half way through the financial year, Fyffes is now targeting an Adjusted EBIT* for the full year 2009 in the range €16m-€20m, compared to €15.3m last year. The result for the year is expected to be significantly weighted towards the first half, as was the case in 2008.
*Adjusted EBIT excludes amortisation charges, the Group's 40% share of the results of Blackrock International Land plc and exceptional items.
Fyffes plc
26 June 2009
For further information, please contact:
Brian Bell, Wilson Hartnell PR - Tel: +353 1 669 0030
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