Fruit distributor Fyffes today increased its earnings forecast before interest and tax to between €16 million and €20 million.
This is up from earlier targets of €14 million to €18 million which had been based on increases in selling prices in all markets to offset the impact of cost inflation and less favourable exchange rates. The revised forecasts exclude amortisation and the impact of the group’s 40 per cent stake in Blackrock International Land.
While input costs were up 20 per cent over last year the company said this had been offset by "generally favourable market conditions" over recent months.
“The group has achieved increases in average selling prices and has benefitted from the positive impact of its currency hedging,” Fyffes said in a statement.