16 June 1998
Fyffes profits climb 15%

FYFFES, the Dublin-based fresh produce group, is trying to find a large acquisition in Europe.

The group yesterday announced half-year, pre-tax profits up 15% from I£20.2 million to I£23.3m on turnover up from I£663m to I£720m thanks to strong banana prices in Europe.

It has made several small European fresh produce acquisitions recently, totalling I£16.6m. However, Fyffes is now looking for a bigger acquisition to follow the success of its Geest banana venture.

Contributions from the Geest venture, owned jointly with the Windward Islands Banana Development Company, actually fell from £5.5m to £5.1m because of dry weather in the Windward Islands.

However, deputy chairman Carl McCann said the group was happy with the way the venture was progressing.

  • Financial Times 16/06/98 page 28
  • The Times 16/06/98 page 31
  • The Daily Telegraph 16/06/98 page 26
  • The Independent 16/06/98 page 21 (Investment Column)