Fyffes has announced that it has increased its profit range target for the year on the back of a strong performance in the early months of 2012.
According to the Irish tropical fruit importer, it is increasing its target earning before interest, taxation, depreciation and amortisation (EBITDA) range for the year to €25-€30m, from the previous level of €22m-€27m, and up from €23.2m in 2011.
The forecast equates to an adjusted EPS of between 6.8 and 8.3 per cent, with the result weighted towards the first half.
'The industry has experienced further cost inflation during the period, including higher bunker fuel costs, and less favourable exchangerates,' the group said. 'Fyffes continues to pursue necessary increases in selling prices in all markets.
'The Group’s performance to date in 2012 and its positive outlook for the full year reflects the impact of further operational efficiencies, a continued focus on costs and returns on the Group’s significant investment in the business in recent years,' Fyffes added. 'Fyffes remains focused on growing the Group both organically and through further strategic acquisitions and alliances.'
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