Fyffes has reported adjusted pre-tax profits of €17.3m for the six months to the end of June, a 30% increase on the €13.3m reported the same time last year.
The company said its revenues rose by 13.9% to €458.5m with trading conditions generally positive for much of the six months, particularly compared with the very difficult first half in 2010.
Fyffes said its banana business performed strongly in the first half of the year, with operating profits up by €4.2m. Fruit and shipping costs were higher during the first half of 2011, although this was partly offset by the relative weakness of the US dollar.
It saw a close to breakeven result in its pineapple business, as trading conditions in Europe and the US were fairly difficult due to excess market volumes. The group's US melon business increased its volumes further this year but lower average prices were seen due to difficult market conditions.
Fyffes said that trading conditions in continental Europe were less favourable during the summer months due to excess market supplies, but have improved in recent weeks. The company said it is maintaining its €20-24m target for adjusted EBITA for the full year.
