Fyffes reports on earnings growth

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Carl Collen

BY CARL COLLEN

Fyffes reports on earnings growth

Irish group reports on revenue growth for 2015, although pre-tax profit is hit by exceptional net charge of €12m

Fyffes reports on earnings growth

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Ireland-based fresh produce group Fyffes has released its preliminary results for 2015, revealing a seventh consecutive year of earnings growth.

Earnings before interest, taxation and amortisation jumped 14.2 per cent to €45.8m for the year, boosted by factors including higher selling prices, lower costs in shipping and fuel, and favourable exchange rates.

Total revenue, including the Group’s share of its joint ventures, amounted to €1.22bn in 2015, an increase of 12.1 per cent - mainly driven by further organic volume growth in the Group’s banana and melon categories.

“Fyffes has delivered another important step up in earnings in 2015, its seventh consecutive year of growth, with a 14.2 per cent increase in adjusted EBITA to €45.8m," said chairman David McCann. "The Group is focused on consolidating at this higher level of earnings.

"The initial target EBITA for 2016 is in the range €42m-€48m," he added. "Fyffes is pursuing necessary increases in selling prices in all markets in response to the continuing strength of the US dollar against the euro and sterling. The Group is also focused on continuing to grow its business and is actively pursuing a number of attractive acquisition opportunities.” 

Fyffes' operating profit actually fell from €38.2m in 2014 to €31.8m last year, a drop that was attributed to an exceptional net charge of €12m, €11.1m of which was related to  termination of the Group’s Irish defined benefit pension scheme.
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