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Fyffes’ revenues top €1bn

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Fyffes’ revenues top €1bn

February 28
10:16 2013

Fyffes has today reported turnover of €1,017m in 2012, an increase of 19.7pc over the previous year.

The company said it turnover had exceeded €1bn for the first time since the demerger of Total Produce in 2006.

Adjusted EBITDA in 2012 amounted to €41m, up 38.4pc on the previous year.  Adjusted EBITA was €31.6m, up 36.1pc on 2011.  Adjusted EBIT was €29.4m, up 44.9pc year on year, reflecting a reduction in amortisation charges in 2012.

The company said it had performed strongly in the banana category in 2012.  In the pineapple category, it reported a small operating profit, slightly down on the previous year.  It said its melon operations delivered a strong underlying trading result in the year, with continued volume growth as a result of the additional production assets acquired in the second half of 2011 and early 2012.

The total operating profit for the group was €28.3m for the year, compared to €13.2m in the previous year (which included €5.9m in Balmoral losses).

Adjusted profit before tax for 2012 amounted to €30.3m, 36.2pc up on the previous year, in line with the increase in EBITA.

The group’s adjusted diluted earnings per share in 2012 amounted to €8.82 cent, a 45.8pc up on the previous year.  The board is proposing to pay a final dividend for 2012 of €1.42 cent per share, up 7.6pc on the previous year Total dividends in respect of 2012 will amount to €2.07 cent, 7.5pc up on the previous year and equivalent to a payout ratio of 23.5pc based on adjusted earnings per share

The company said trading conditions have been broadly in line with expectations in 2013 to date.

“Fyffes has delivered a very strong performance for 2012,” said chairman, David McCann. “Revenue exceeded €1bn for the first time since demerger, driven by continued organic growth, and the result for the year also reflected further operational efficiencies, particularly in logistics. Earnings per share included the additional benefit of the shares repurchased in the second half of 2011. Trading conditions have been broadly in line with expectations in 2013 to date and the Group is maintaining its €27m-€33m target EBITA range for the year.”

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