Tropical fruit importer Fyffes has reported revenues totalling more than €1 billion for the first time since its demerger of Total Produce in 2006.

Turnover at the company increased 19.7 per cent to €1.017 billion last year, driven by organic growth.

The company said approximately €35 million of the increase in sales related to a translation benefit on sterling and the dollar and the full year impact of the van Wylick joint venture, which was acquired in March 2011.

Profit before tax rose 36.2 per cent to €30.3 million, while diluted earnings per share jumped 45.8 per cent to 8.82 cent from 6.05 cent.

Earnings before interest, tax, depreciation and amortisation (Ebitda) in 2012 were €41 million, a 38.4 per cent increase on 2011.

The company said the key drivers behind the improvement were selling prices, exchange rates and the costs of fruit, shipping and fuel.

Fyffes said melon operations delivered a strong underlying trading result in the year, with continued volume growth as a result of the additional production assets acquired in the second half of 2011 and early 2012.

Trading conditions were “favourable” in the melon category due to supply constraints and warmer winter weather, stockbroking firm Davy said.

The fruit importer said it performed strongly in the banana category, despite continued cost inflation, higher fruit and fuel costs and a adverse movement in exchange rates.

Trading conditions

Fyffes chairman David McCann said trading conditions had been “broadly in line with expectations in 2013 to date” and the group was maintaining its €27 million-€33 million target Ebita range for the year.

General produce and distribution business Total Produce demerged from Fyffes in 2006.

The board is proposing to pay a final dividend for 2012 of €1.42 cent per share, up 7.6 per cent on the previous year. The company finished the year with a net cash position of €8.6 million.