Love and peace at Fyffes meeting

Golden Vale's Jim Murphy must be wishing he had shareholders like those in Fyffes.

Golden Vale's Jim Murphy must be wishing he had shareholders like those in Fyffes.

Given the pasting the Fyffes shares have taken in the past year-and-a-half and the washout at worldoffruit.com, Fyffes might have forgiven some harsh words for their board.

But no. Last week's annual general meeting was a veritable love-in between Neil McCann and his shareholders, made easier for the Fyffes chairman by the penitential tone of his opening address. After that, the message was upbeat - the worst is over and this year is going to be a lot better.

The market has responded well to the comments, with earnings forecasts for this year and next upgraded by around 10 per cent. It's still a long way to go the levels where Jim Flavin's DCC made its windfall gains from its Fyffes shares, but any improvement is no doubt welcome.