Fruit and vegetable importer Fyffes has said it expects its results for 2010 to be better than it had previously expected.
In a trading update, it said it now expected profits - as measured by adjusted earnings before interest, tax and amortisation - of €19m to €20m. This compared with its previous target of €14m to €18m.
Fyffes said the improvement was due to higher selling prices for bananas in continental Europe towards the end of the year.
It said it expected adjusted earnings per share last year to rise by a mid-single digit percentage from 2009.
But Fyffes said that in 2011, the banana and pineapple industries faced higher costs due to less favourable exchange rates and increased fuel prices. It added that it believed higher selling prices would be needed in all its markets. Fyffes is targeting an adjusted EBITA of €17m to €22m for this year.
