Pretax profits at Fyffes up 25.3% last year to €39m

Pretax profits at fruit distributor Fyffes rose by 25.3 per cent to €39millon last year as the group reported its sixth consecutive year of growth.

Total revenues increased by 0.8 per cent to €1.1 billion, while group revenue, which excludes Fyffes share in joint ventures, increased by 2 per cent to €853 million, the company said.

Adjusted ebitda (earnings before interest, taxes, depreciation, and amortizatio) rose 22.9 per cent to €7.5 million, compared to €32.7million in 2013. Adjusted ebit (earnings before interest and taxes) amounted to €40.1million, up 28.1 per cent year-on-year.

The group said its target ebit for 2015 is in the range of €36 million to €42 million, compared to €40.1 million in 2014.

Earnings per share rose by 26.6% to 11.17 cent

The board has proposed a final dividend for 2014 of €1.673 cent per share, up 12.3 per cent on the previous year.

Total dividends for last year are up 10 per cent to €2.387 cent, the group said.

“Fyffes is pursuing necessary increases in selling prices in all markets in response to the significant strengthening of the US dollar against the euro and sterling in recent months. The group is focused on continuing to grow the business and is actively pursuing a promising number of attractive acquisition opportunities,” said chairman David McCann.