Fruit importer Fyffes saw pretax profits rise 33 per cent for fiscal 2009 from €15.9 million to €21.2 million.
The company said total revenues for last year - which include Fyffes share of joint ventures - were down 4.1 per cent to €726.8 million as against €758.2 million in 2008.
Group revenues which do not include the firm's share of joint ventures totalled €598.1 million, down 1.4 per cent compared to €606.7 milion a year earlier.
Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) rose 35.7 per cent over the 12-months from €15.3 million to €20.7 million while net funds increased from €32.2 million to €36.6 million.
Fully diluted earnings per share jumped 31.4 per cent from 3.95 cents to 5.19 cents and the company is proposing a final dividend of 1.65 cents as against 1.50 cents in fiscal 2008.
“Fyffes delivered a strong result in 2009, its best since the change in European banana import regulations in 2005. The group achieved the necessary increases in selling prices to offset the negative impact of higher costs and adverse exchange movements in 2009," said the group's chairman David McCann.
Fyffes said trading conditions have been difficult in the first two months of 2010 due to less demand, pricing, teh strength of the dollar and exceptionally cold weather in Europe.
" While it is still early in the year, it is appropriate and prudent to revise the group’s target Ebitda for 2010 to reflect the difficult start. Fyffes is now targeting an adjusted Ebitda for 2010 in the range of €14 million to €18 million, which was its original target for 2009," said Mr McCann.
"The group must achieve increases in average selling prices in all markets to offset the impact of unfavourable exchange rates and higher industry costs,” he added.
