Fruit importer Fyffes has today cut its annual earnings forecast because of "signifcant increases" in the cost of fruit, and currency fluctuations.
In a statement released this morning, Fyffes said earnings before interest and tax (EBIT) will now be between €12 million and €15 million compared to €17.4 million last year.
Net cash balances at 30th June amounted to €53 million, the company said. Target year end net cash is now expected to be between €34 million and €37 million reflecting further capital expenditure on the expansion of one of our UK distribution centres, along with the anticipated second half trading losses and dividend payments.
Fyffes interim results are due to be published on 11th September.
Shares in the fruit importer were trading 10 per cent lower at €.45 per share on the Iseq at lunchtime following the firm's announcement.