Irish fruit distribution giant Fyffes charged back into the black last year, posting a €20.7 mln profit and reversing a €170 mln loss it posted the previous year during the height of the Covid pandemic. Fyffes is one of the world’s largest distributors of fresh produce.
The company said its activity in 2020 had been hit hard. It added that the effect on its US melon business that year was particularly pronounced, as the pandemic coincided with a key part of the import season, when production volumes could not be adjusted to align with reduced demand.
Fyffes said its 2020 results were also impacted by large impairment charges driven by lower projected medium-term earnings across the group, which impacted its assessment of the carrying value of goodwill and intangible assets for a number of the group’s more recent acquisitions. No additional impairments were required in 2021.
The group, headed by CEO Helge Sparsoe, added that 2021 saw a return to profitability in its melon product line as well as increased revenue and profitability in its core banana category.
The accounts show that revenue last year was stable at €1.47bn compared with €1.49bn in 2020. However, its gross profit jumped to €189m from €117m.
Source: independent.ie