Banana prices on an upward curve
Banana and pineapple prices are on the rise again, the world's oldest tropical fruit shipper Fyffes warned yesterday.
The company said that a combination of the strong dollar (the currency in which fruits are priced by growers), rising fuel costs and higher fruit prices due to poor weather mean it will have to pass on higher prices to its customers and ultimately to shoppers.
But despite this the group raised its target for full-year earnings by €3m (£2.3m) to between €28m and €23m.
In the first half (when it makes most of its money), the group's pre-tax profit jumped 30 per cent to €22.4m.
It added that trading conditions in continental Europe had been "broadly satisfactory during the summer months".
Prices traditionally fall during the summer as more locally produced fruit is consumed, but then rise steadily again in the winter months.
Fyffes said much of its operational improvement had come from shifting a higher proportion of its fruit from fully refrigerated ships to refrigerated containers on more general vessels.
The group added that it performed particularly strongly in its dominant banana division, but also saw an 8 per cent rise in pineapple shipments and strong growth in melons.
That's some guestlist! Stunning images show huge dynastic wedding between Ultra-Orthodox Jewish families which attracted 25,000 guests
'He was always smiling': Lee Rigby named as Woolwich victim
'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
Exclusive: Woolwich suspect Michael Adebolajo was inspired by cleric banned from UK after urging followers to behead enemies of Islam
Seeing the larger picture: Inspiring images of space
- 1 Pope Francis: Being an atheist is alright as long as you do good
- 2 'He was always smiling': Lee Rigby named as Woolwich victim
- 3 'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
- 4 'Something passed underneath us, quite close': Airbus A320 has close encounter with UFO
- 5 Lord of the Sings: Sir Christopher Lee, 91, to release heavy metal album
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.