Fyffes reports on continuing growth

For fresh fruit and vegetable marketing and distribution in Asia
Carl Collen

BY CARL COLLEN

Fyffes reports on continuing growth

On the day it reveals a merger plan with Chiquita, Fyffes reports on growth in profit and revenue for 2013

Fyffes reports on continuing growth

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Banana importer Fyffes has today (10 March) announced its results for 2013, with positive news in terms of both profit and revenue – although this has been overshadowed somewhat by the announcement that the group is to merge with Chiquita by end of 2014.

Fyffes said that adjusted profit before tax for the year grew 6.3 per cent to €31.1m, with profit for the year from continuing operations up to €26.1m from €23.9m in 2012.

Total revenue, including the group's share of its joint ventures, jumped 6.3 per cent to €1.1bn, while revenue excluding shares in joint ventures climbed 6.6 per cent to €836m – driven by further growth in banana and melon categories combined with higher inflation in banana and pineapple categories.

"Building on its very strong performance in the previous year, Fyffes is pleased to report a further increase in revenue and earnings in 2013, driven mainly by continued organic growth, with EBITDA towards the upper end of the target range for the year" noted chairman David McCann.

"Overall trading conditions have been satisfactory in the year to date in 2014," he added. "Fyffes' target adjusted EBITDA for 2014 is in the range of €30m-€35m."

The group reported on what it called a 'broadly satisfactory' performance in bananas for 2013, with profits down slightly, while it improved its pineapple results despite high production costs.

In the melon category, Fyffes delivered a 'satisfactory' result, with favourable weather resulting in improved yields and lower production coasts.

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