Fyffes
NO RECOMMENDATIONA 40% fall in interim profits (end April) is down to currency problems and a difficult trading environment, says NCB Stockbrokers, although revenue is up by 10% to £1,000m (£930m). The 50% share in South African Capespan has caused problems, showing losses of £1.1m, which the company blames on that convenient old excuse of poor weather. Fyffes is cutting costs by selling property and concentrating upon consolidating its assets, but the company is hoping that the e-commerce branch of the business will bear fruit when the structure is in place (currently showing losses of £4.4m). Worldfruit.com will eventually be a net market for fresh produce and ingredients.com, a joint venture with Glanbia, will do the same for beverages and manufactured food.
Market cap: IR£242m
PE Forecast: 7.62
Share price: IR81p
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