Fresh produce importer-distributor Fyffes has announced in a trading update that it is maintaining its yearly earnings target of €14m-€18m, despite what it has described as 'unfavourable' market conditions so far this year.
According to the group, selling prices, particularly in continental Europe, have been 'significantly lower than expected'.
However, Fyffes is holding steady on its EBITDA forecast, which is subject to the implementation in 2010 of new EU banana import duties on Latin American bananas and includes the anticipated contribution from these reduced duties.
The spread of the group's full-year profit target is expected to be significantly less weighted towards the first six months than in recent years as a result of difficult market conditions.
Fyffes announced in March that year-on-year profit before tax improved considerably during 2009, with the year-on-year increase of 33.3 per cent to €21.2m for the 12-month period described as its best since 2005.
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