FYFFES' shareholders can expect a few small acquisition announcements in the near future, including one "attractive" acquisition in Europe, Fyffes' chairman has told the group's annual general meeting.

The well attended meeting was told that Fyffes has probably the best balance sheet of any company in its sector. "We feel we are in good shape, with good profits and a beautiful balance sheet," Mr Neil McCann said.

The chairman told shareholders that trading in the current year was in line with expectations and the group expected a satisfactory outcome for 1996. He added that Fyffes had completed most of the work required to restore the Geest banana business, acquired last year in a joint venture for £147.5 million sterling. "We are confident that the business has a sound future and will be a very rewarding investment for Fyffes."

Since the year end, as well as buying Geest, Fyffes has also acquired the Peviani fresh produce group in Italy, redeveloped its Beresford Street distribution centre in central Dublin and begun construction of a new ripening facility at Basingstoke in England.

Over one third of Fyffes' shareholders opted to receive dividends in the form of new shares rather than cash. Mr McCann said that, in future, Fyffes may exercise its powers to buy back an equivalent value of shares which shareholders have elected to take instead of a cash dividend.