Over-supply of bananas hits Fyffes

A banana glut and rising costs reduced first-half profits at Fyffes, the tropical fruits distributor.

The company said excess supply, higher fuel costs and a stronger US dollar made for "difficult" conditions, which left pre-tax profits down 28 per cent at €13.3m (£11.1m) in the six months to June.

It said trading conditions had "normalised" over the summer and it was raising selling prices in all markets.