Fyffes booked higher annual profits today (1 March), on the back of revenue boosted by a contribution from its interest in German distributor Van Wylick.
The Irish fruit distributor said that its 2011 pre-tax profits were EUR12.5m (US$16.6m), up from EUR8.8m last year.
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The higher earnings came as sales increased to EUR850m from EUR741.2m in 2010. The company’s one-third stake in German distributor Van Wylick, which the company acquired last March, contributed EUR63.8m to the group’s overall sales figure.
Excluding this, like-for-like sales rose 5.9%, the group revealed.
“Fyffes is pleased to report a strong result for 2011, towards the top end of its target range, with good organic growth across each of our product categories,” chairman David McCann said.
Looking to 2012, McCann said the company had made a “positive start” to the year with “improving pricing in continental Europe”.
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By GlobalDataFyffes and is targeting an EBITA range for the year of EUR22m-EUR27m. Its EBITA in 2011 was EUR23.2m, an increase of 8.9% on 2010.
