Tropical fresh produce importer Fyffes has reported on a positive set of results for the first half of 2011, with growth in both revenue and adjusted profit before tax, driven by average selling prices, exchange rates and the costs of fruit, shipping and fuel.
Total revenue climbed 13.9 per cent during the six-month period, up to €458.5m from €402.6m last year, including the €29m contribution from the group's one-third stake in German distributor Van Wylick, with Fyffes also seeing sales climb in each of its product categories.
Adjusted profit before tax soared by 30.4 per cent on the same period of 2010, up to €17.3m from €13.3m, although this was measured against the 'exceptionally difficult trading conditions' that Fyffes experienced in the early months of 2010.
'Fyffes is pleased to report a strong increase in operating profit for the first half of the year,' said group chairman David McCann. 'Trading conditions were generally positive for much of the period, particularly compared to the very difficult first half of last year.'
The banana category proved a particularly strong one for Fyffes through the half, with operating profit up €4.2m, while there was progress in the pineapple segment as the group completed development work on its farm in Panama, although trading conditions in Europe and the US proved 'relatively difficult'.
Meanwhile, Fyffes' US melon business increased its volumes, delivering what it described as a 'satisfactory result' through the key import season.
Fyffes said that trading conditions in continental Europe were proving less favourable during the summer months, due to excess market supplies, although McCann noted that it was still maintaining its €20m-€24m target adjusted EBITDA for the full year.
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