The Irish fruit importer announced turnover for 2008 up 9.6% to €607m, with pre-tax profit down to €15.9m from €18.4m. Fyffes had previously warned it needed higher returns from customers to offset higher production costs on bananas and tropical fruit, but said this week that these had now been achieved.
However, even these price rises had not completely offset cost increases, leading to adjusted EBIT for the banana category falling €6.2m.
The pineapple business turned a small profit despite an oversupply in the first half hitting selling prices. European pricing had improved significantly in early 2009, and Fyffes said it was on course to achieve adjusted EBIT in the €14m-£18m range despite the strengthening of the US dollar.