Fyffes has reported a 14.5% increase in revenues for the year to the end of December 2011 and said it has made a positive start to 2012.
The fruit importer said that total revenues rose to €850m from €742m while its pre-tax profits for the year rose to €12.493m from €8.796m. The results were towards the top end of its target range.
The company said it was recommending a total dividend of 1.925 cent, up 10% on the total dividend of 1.75 cent in 2012.
Shares in Fyffes closed up 2.4% at 42 cent in Dublin this evening.
Fyffes said that conditions in the banana market followed a more normal pattern in 2011 and it saw a low single digit year on year increase in earnings last year. Average selling prices were higher last year but bunker fuel costs rose by 35%.
Fyffes reported higher profits in its pineapple sales last year. Volumes grew by more than 10% in the year but the division experienced similar cost inflation as the banana division, including a big jump in fuel costs.
It said its US melon business saw a ''satisfactory'' result last year, despite less favourable market conditions compared to 2010. Revenues grew by 7%.
Fyffes said its 40% share of the after tax losses of Balmoral International Land Holdings amounted to €3.5m last year. The company has written down its investment in Balmoral to €50,000, which gave rise to an impairment charge of €2.4m.
Fyffes chairman David McCann said that the company saw good organic growth across each of its product categories.
''The group has had a positive start to 2012, with improving pricing in Continental Europe, and is targeting an EBITA result for the year in the range of €22-27m,'' he added.
