Currency movements have hit Fyffes’ banana business, according to the company’s first half results.
Strengthening of the dollar against both sterling and the euro in the six months to June created challenging trading conditions, the company says.
The Irish fresh fruit firm has hiked its prices, but said this has not been enough to offset the impact of adverse currency movement.
However, the company has reaffirmed its full-year earning targets.
Fyffes reported a 14.7% rise in revenue to €739.3m over the six month period, while earnings after day-to-day expenses (EDITDA) was 11.3% higher at €44m.
In April Fyffes acquired US mushroom business Highline Produce for €99m.
Commenting on the results, company Chairman David McCann said: “Fyffes is maintaining its strong full year target earnings ranges, which were increased in April 2016 following the Highline acquisition.
“The result for the first half of the year was satisfactory given the difficult prevailing market conditions, including adverse currency movements as a result of the weakness of Sterling and the euro against the US Dollar.
“The Group was very pleased to complete the purchase of Canadian mushroom business, Highline Produce, during the period.
“Highline has performed in line with our expectations for the three-month period post acquisition.
“The first half results in the Group’s other product categories were in line with the same period last year in aggregate, with strong performances in the pineapple and melon categories.”
