Fyffes has reported an increase in both turnover and profit for the year ended December 31 2003.
Total turnover to the end of 2003 was 1.925 million euros compared to 1.837m euros in 2002. This 4.8 per cent increases reflects the contributions of the acquisitions of German company Interfruct and Hortim in the Czech Republic. Total operating profit for the year was 67.7m euros compared to 63.3m euros in 2002.
During 2003, the group combined its banana and pineapple operations under one management structure. The banana businesses produced an overall result that was similar to 2002. While the first-time contribution from Interfruct in Germany and the impact of improved average exchange rates were offset by higher supply costs and less favourable market conditions throughout the year.The results of the group’s Geest joint venture were below expectations due to lower volumes from the Windward Islands.
Fyffes general produce division recorded a strong result in 2003. Volumes were ahead of the previous year and market conditions were favourable.
Carl McCann the group’s chairman said: “The group has achieved a satisfactory result for 2003, with good increases in turnover, profits and earnings per share, helped by a strong finish to the year. In addition, the group has recently agreed to dispose of a number of its property investments which will realise profits in the order of 14m euros in 2004.”
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