Fyffes profits fall 2.6%

03 July 1997

Fyffes profits fall 2.6%

Fyffes reported half-year pre-tax profits down 2.6% to Ir£20.2m. It
apportioned blame to potato prices which halved last year. Bananas, citrus fruit
and other vegetables fell by at least 10%.

The company is to pay £22.2m for the remaining 50% of Velleman & Tass,
that it does not already own. It acquired its original stake in the Dutch fresh
produce group three years ago for £16m.

Analysts speculated Fyffes might consider buying some of Albert Fishers
fruit and vegetable contracts but said it was unlikely that Fyffes would bid for the whole company.