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Fyffes post £22.4m profits as it increases its prices

By Michael Cogley

Irish fruit company Fyffes posted a half-year pre-tax profit of €30.8m (£22.4m) as the company increased prices in the second quarter to tackle the effect of the strong dollar.

The company's diluted earnings per share increased by 46.6%, while total revenue grew by 8.7% to €644.3m (£470m).

In spite of currency headwinds, with the dollar improving against both the pound and the euro, Fyffes reported an increase of €2m (£1.5m) in banana profits when compared to the same period last year.

The Dublin-headquartered company paid out €4.94m (£3.6m) in its final dividend for 2014, which was approved by shareholders at the company's AGM on April 30 as it reported a 15% increase in the interim dividend.

In tackling FX headwinds, the company reduced logistics costs and in particular fuel, which was reduced by 40% year on year. The company also reduced other import and operating costs in its UK distribution centres.

Pineapple sales grew by €900,000 (£650,000) as both yields and on-farm efficiencies continue to improve.

Melon volumes fell due to weather conditions.

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