Fyffes has revealed a 33.3 per cent leap in pre-tax profits for the year to the end of December, to €21.2 million (£19.2m).

Revenues for 2009, including Fyffes’ share of joint ventures, were down 4.1 per cent to €726.8m, as against €758.2m in 2008, reports the Irish Times.

Group revenues, which do not include joint ventures, totalled €598.1m, a 1.4 per cent drop from a year earlier.

Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) rose 35.7 per cent over the 12 months, from €15.3m to €20.7m.

Group chairman David McCann said: “Fyffes delivered a strong result in 2009, its best since the change in European banana import regulations in 2005. The group achieved the necessary increases in selling prices to offset the negative impact of higher costs and adverse exchange movements in 2009.”

The company reported that it has found trading in the first two months of 2010 tough due to the weather in Europe, exchange rates and a decline in demand.

"While it is still early in the year, it is appropriate and prudent to revise the group’s target Ebitda for 2010 to reflect the difficult start. Fyffes is now targeting an adjusted Ebitda for 2010 in the range of €14m to €18m, which was its original target for 2009," said McCann.

Topics