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25 Jun 2008 17:09
Fyffes plc
Stock Exchange Announcement
Fyffes re-affirms targeted increase in earnings for 2008
Fyffes continues to target an increase in Adjusted EBIT* for the full year in the mid-teens in percentage terms and a low double digit percentage increase in Adjusted EPS*, in line with current market expectations. The industry is experiencing significant and accelerating cost inflation, particularly in relation to bunker fuel. The target for 2008 assumes the Group can achieve a year on year increase in average selling prices in all its markets during the remainder of the year. Taking account of the relatively more difficult market conditions in the early part of last year, the increase in profits in 2008 will be significantly weighted towards the first half of the year.
Management continues to actively pursue its medium term strategic plan, to double the size of the Group by 2011, and remains focused on acquisition opportunities. Fyffes may also consider further opportunistic acquisitions of its own shares in the market, having repurchased 10 million shares (2.8% of the shares in issue) during the past 10 months at an average price of approximately €0.70 each.
* Adjusted EBIT and Adjusted EPS exclude amortisation charges, the Group's 40% share of the results of Blackrock International Land plc and exceptional items (including the gain arising from the €37.6m settlement of Group's litigation against DCC plc and others).
Fyffes plc
25 June 2008
For further information, please contact:
Andrew McLindon, Wilson Hartnell PR - Tel: +353-1-669-0030
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