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Carl Collen


Fyffes confirms earnings forecast

Despite rising fuel costs and "relatively more difficult" market conditions, Fyffes is expecting a slight increase in its earnings for 2008

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Ireland-based tropical fruit distributor Fyffes has confirmed that it is targeting a low double-digit percentage increase in adjusted earnings per share for 2008, in line with market expectations.

The group said that earnings would be affected by current industry conditions, including "significant and accelerating" cost inflation, particularly in relation to fuel.

The 2008 target assumes that the group can achieve a year-on-year increase in average selling prices in all its markets during the rest of the year, with the increase in profits "significantly weighted" towards the first half of the year. 

"Management continues to actively pursue its medium-term strategic plan, to double the size of the group by 2011, and remains focused on acquisition opportunities," the group said in a statement. "Fyffes may also consider further opportunistic acquisitions of its own shares in the market, having repurchased 10m shares during the past 12 months at an average price of approximately €0.70 each."

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