Irish fruit distributor Fyffes reported a 44 per cent rise in first-half pre-tax profit today and said trading was ahead of expectations.
Fyffes posted pre-tax profit of euro 36.8 million excluding e-commerce costs, exceptionals and goodwill. Turnover was up 5.6 per cent to euro 1.05 billion; adjusted earnings per share rose 42 per cent to 7.22 cents.
The results were ahead of market expectations for pre-tax profit of about euro 31 million, and EPS of around 5.7 cents.
"We've had a pretty good first half, with conditions remaining positive and ahead of expectations," Fyffes vice chairman Mr Carl McCann said today. "I think we should be okay," he said, referring to the full-year outturn.
Mr McCann said the company was back in shape and remained an acquisitive company. "Fyffes was actively looking for suitable buys, particularly in the euro zone, possibly before the end of the year," he said.
The company had drawn a line under its e-commerce operations - clocking a final euro 1.7 million charge in the first half - after its ill-fated venture onto the Internet last year.
Fyffes shares, which slipped to a low of 68 cents late last year, fell 3.4 per cent to euro 1.42 in early Dublin trade. But dealers said the stock had enjoyed a strong run up to the results. The ISEQ index of leading Irish shares was down 1.4 per cent by 9.20 a.m.
Fyffes - the second-largest importer of bananas into the European Union - had bounced back from a very tough time in 2000 when it was hit by adverse currency exchange rates and also found its business eroded by illegal imports, Mr McCann said.