Fruit importer Fyffes has reported pre-tax profits of €21.3m for last year, broadly in line with the previous year. This figure does not include once-off items and its share of losses at property group Balmoral.
Total revenue - which included its share of joint ventures - was 2% higher at €742.1m. Earnings per share rose 6% to 5.5 cent and a 9% higher final dividend of 1.2 cent is proposed.
Fyffes chairman David McCann described the results as 'satisfactory', in the light of the difficult trading conditions in the banana market in the early part of 2010. He said trading in the first two months of 2011 had also been satisfactory.
The group suffered in early 2010 from cold weather and excess supply, as well as unfavourable exchange rate movements, though the market improved in the second half.
Fyffes' 40% share of the after-tax losses of property group Balmoral amounted to €8.3m last year. After this is included, pre-tax profits were €8.8m.
Shares closed 2.7% lower at 42 cent in Dublin this evening.
