Prospects fruity for Fyffes

04-01-2008

Prospects fruity for Fyffes
Fruit distributor Fyffes has said it is confident its 2007 results will beat market expectations.

The Irish firm, which specialises in tropical fruit, said today it was increasing its adjusted earnings before interest and tax (Ebit) forecast from €15 million (£11.2 million) to €17 million (£12.7 million) for last year.

It added that in the second half of 2007 "the impact of the further increase in bunker fuel costs has been offset by favourable exchange rates and higher average selling prices".

Fyffes said 2008's trading may be affected by "further significant inflation" in all the tropical fruit industry's key input costs, including fruit, shipping and fuel.

"Notwithstanding these factors, Fyffes is targeting a mid-single digit percentage increase in its adjusted Ebit for 2008 on a like-for-like basis, excluding the anticipated positive impact of its recent entry into the US winter melon market," the company added.

"This target reflects anticipated improvements in the group's existing melon and pineapple operations, the benefit of more favourable average exchange rates and achieving the required increases in average selling prices."

Following today's announcement, shares in Fyffes were up by 3p to 79.50p on early morning trading.

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