The tropical produce importer Fyffes has reported a fall in its full year earnings, however the company said the results were in line with expectations.

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Fyffes reported pretax profit for the year of EUR38.0m down from EUR105.8m, from the year before.


Total revenue, including the share of revenue of its joint ventures and associates, in Fyffes’ continuing operations amounted to €555m in 2006, up 11.6% on the €498m in the previous year.


Revenue excluding share of joint ventures and associates was €408m in the year, up 5.6% from €386m in 2005. The growth in revenue reflects the impact of the acquisitions of Brazilian melon producer Nolem in January 2006 and the full year impact of the acquisition of Turbana in North America in the final quarter of 2005, the company said. In addition, Fyffes grew its banana volumes by 6% and its pineapple volumes by 25% during 2006.


David McCann, chairman, said: “Fyffes faced a changed environment in 2006, in particular as a result of new EU banana import regulations. Against this background, Fyffes created substantial incremental shareholder value as a result of the demerger of its Property Undertaking to Blackrock International Land plc and the demerger of its General Produce and Distribution business to Total Produce plc. The trading results of the combined operations for the year were in line with market expectations. Fyffes continues to actively pursue its medium term growth strategy and plans to double the size of its continuing business within five years, both organically and through further acquisitions and alliances.”

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In a statement, Fyffes said its medium term strategy is to double the size of its continuing business within five years, across its key product categories, through a combination of organic growth and by applying its substantial capital resources and borrowing capacity in further acquisitions and alliances.


Looking ahead the company said: “The key drivers of short term performance in Fyffes’ continuing business are, primarily, average selling prices, the costs of fruit, shipping and bunker fuel, and exchange rates. Average banana selling prices in the year to date have been lower than those in the same period last year, particularly in Continental Europe. Notwithstanding this, and assuming average selling prices for the remainder of this year are similar to last year and that average exchange rates and bunker fuel costs remain at current levels, Fyffes continues to target an adjusted EBIT of €20m for 2007.”