Operational efficiencies and organic growth in banana sales have fuelled a 36% increase in profit at tropical fruit giant Fyffes.
Adjusted profit before tax amounted to €30.3m (£26.3m) last year, as total revenue (including Fyffes’ share of joint ventures) climbed to €1bn (£884m). It is the first time it has broken the €1bn sales barrier since its demerger with Total Produce in 2006.
The banana industry saw higher fruit and fuel costs in 2012 and a significant adverse movement in exchange rates, the company reported. However, the impact of these on Fyffes was mitigated by operational efficiencies including “the reconfiguration” of parts of its shipping logistics operations, it said. Further business had also been won with new and existing customers.
In pineapples, Fyffes reported a small operating profit, slightly down on the previous year. The group’s melon operations, meanwhile, had delivered a “strong underlying trading result”, the company added.