Fruit importer Fyffes has reported pre-tax profits of €17.3 million for the first six months of 2011, up 30.4 per cent compared to €13.3 million for the same period a year earlier.
The company said total revenue, including its shares of its join ventures, was 13.9 per cent higher year-on-year to €459 million. This included a €29million first-time contribution from Fyffes stake in German distributor Van Wylick.
Group revenues were 7.5 per cent higher at €370 million as against €344.2 million for the six months to the end of June 30th 2010.
Adjusted Ebita increased 35 per cent to €17.7 million from 13.1 million.
Adjusted fully diluted earnings per share, amounted to €4.41 cent in the first half, an increase of 30.5 per cent compared to €3.38 cent in the same period last year. This increase reflects the 35 per cent increase in Adjusted Ebita and the benefit of shares repurchased
Fyffes said its banana business performed strongly during the fist six months of 2011 with operating profit up €4.2 million. The group said market volumes in this sector were lower as a result of poor weather conditions. Fruit and shipping costs were higher with bunker fuel prices currently 40 per cent higher than on the same period a year earlier.
The group said it had made further progress with its pineapple business, achieving a close to breakeven result despite difficult trading conditions in the US and Europe.
The board has declared an interim dividend for the year of €0.605 cent per share, an increase of 10 per cent on the prior year.
The company said it is maintaining its €20 million to 24 million target for adjusted Ebita for the full year.
