Fyffes record results out today - about 10% above forecast!
EPS of around 13.5p and a PE of about 11 may not seem exceptional but the have 1 euro per share cash in the bank!

Fyffes reported excellent interim results for six months ended 30 June 2015. Unusually for an AIM listed company it also offered earnings guidance for the full year.

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StockMarketWire.com
Fyffes reports another year of record earnings - its seventh consecutive year of growth. EBITDA rose 16.4% to 56.1m euros and EPS increased 14% to 12.73 cents. Proposed final dividend was up 15% to 2.7451 cents.

Chairman David McCann said: "Fyffes has delivered another important step up in earnings in 2015, its seventh consecutive year of growth, with a 14.2% increase in adjusted EBITA to €45.8m. The Group is focused on consolidating at this higher level of earnings. The initial target EBITA for 2016 is in the range €42m-€48m. Fyffes is pursuing necessary increases in selling prices in all markets in response to the continuing strength of the US dollar against the euro and sterling.

"The Group is also focused on continuing to grow its business and is actively pursuing a number of attractive acquisition opportunities."

These figures exclude a €12m net exceptional charge.

The group has treated a number of non-recurring matters as exceptional items in its 2015 financial statements, amounting to a net charge of €12m. This comprised an €11.1m net charge arising on termination of the Group's Irish defined benefit pension scheme, a €2.9m charge recognised in relation to a fine paid by one of the Group's joint venture businesses and a €2m credit in respect of costs accrued in 2014 in connection with the Group's planned merger with Chiquita Brands International, Inc. which were not ultimately incurred.

Net tax credits of €1.1 million arose during the year in relation to these exceptional items.

keeps on with growth every year, am in. unafected by brexit, dive OK 2.56 pence approx cover x good. BB

StockMarketWire.com
Fyffes has taken over Canadian mushroom producer Highline Produce. Fyffes has paid CAD$145m to acquire 100% of the equity in Highline and refinance its existing debt.

Fyffes is funding this acquisition through new and existing bank debt.

Highline is a fully integrated mushroom business operating from five facilities, of which four are owned and one is leased. It is the largest operator in the mushroom category in Canada, with retail customers accounting for c.75% of sales, and wholesale, food service and canning customers accounting for the balance.

US customers represent c.35% of current annual revenues.

Highline's management team, led by CEO Glenn Martin, will continue to run the business. Fyffes has based its CAD$145m valuation of Highline on an 8.1 times multiple of its estimated current annualised pro-forma EBITDA of CAD$18m.

Fyffes net debt after this acquisition will be less than 2.5 times EBITDA, based on Fyffes current target EBITDA range for 2016 and Highline's pro-forma annualised EBITDA.

It is anticipated that this multiple will reduce to below 2 times within 2 years based on the expected cash flows of both businesses.

StockMarketWire.com
Fyffes has reconfirmed its full year targets after a positive first half result.

Total revenue (including its share of joint ventures) rose by 14.7% to €739.3m in the six months to the end of June. Group revenue (excluding its share of joint ventures) rose by 16.6% to €630.5m.

The increase in turnover in the period included the first time contribution from Highline, for the three-months post acquisition.

In addition, the Group achieved volume growth in each of its existing product categories in the period, including the first time contribution from the additional melon farming assets acquired at the end of 2015. There was also some price inflation in each of these product categories.

Fyffes said it delivered another satisfactory performance in the first half, with adjusted EBITDA in the period €4.5m higher (+11.3%), at €44.0m, and adjusted EBITA up €2.3m (+6.6%) to €36.6m.

Excluding the first time contribution from the Highline acquisition, Adjusted EBITA in the first half was in line with the same period last year.

This represents a good result for the period with strong performances in the pineapple and melon categories offsetting the impact of the relatively difficult market conditions experienced in the banana category.

It says trading conditions in the banana category were challenging during the first half of 2016, mainly due to the further strengthening of the US Dollar against Sterling and the euro.

In response, Fyffes has secured some price increases to date but this has been insufficient to offset the impact of the adverse exchange rates and the Group therefore continues to pursue further price increases in all markets.

Partly offsetting this, costs have been lower year on year, particularly for fuel. The Group has also continued to grow its banana business organically, with a satisfactory mid-single digit percentage increase in volumes in the period.

The group has reconfirmed full year target earnings ranges as follows:

- Adjusted EBITDA: €63m - €69m

- Adjusted EBITA: €49m - €55m

- Adjusted EPS:12.8 cent - 14.5 cent

Chairman David McCann said: "Fyffes is maintaining its strong full year target earnings ranges, which were increased in April 2016 following the Highline acquisition. The result for the first half of the year was satisfactory given the difficult prevailing market conditions, including adverse currency movements as a result of the weakness of Sterling and the euro against the US dollar.

"The Group was very pleased to complete the purchase of Canadian mushroom business, Highline Produce, during the period. Highline has performed in line with our expectations for the three-month period post acquisition.

"The first half results in the Group's other product categories were in line with the same period last year in aggregate, with strong performances in the pineapple and melon categories."

StockMarketWire.com
Fyffes has purchased a second large Canadian mushroom business, All Seasons Mushrooms Inc.

Fyffes has paid CAD$59.1m (£41m) to acquire 100% of the equity in All Seasons and refinance its debt. Fyffes is funding this acquisition through existing bank debt.

Fyffes entered the Canadian mushroom industry in April through the acquisition of Highline Produce Limited.

All Seasons, which is based in British Columbia, is one of the largest mushroom producers in Western Canada. It is a fully integrated producer operating from four facilities, of which three are owned and one is leased.

Its geographic reach will be highly complementary to that of Highline Produce.

The current CEO of All Seasons, Frank Moscone, will remain in the business post acquisition.

RECOMMENDED CASH OFFER for FYFFES PLC
by
SWORDUS IRELAND HOLDING LIMITED A WHOLLY-OWNED SUBSIDIARY OF SUMITOMO CORPORATION

TO BE IMPLEMENTED BY WAY OF A SCHEME OF ARRANGEMENT UNDER CHAPTER 1 OF PART 9 OF THE COMPANIES ACT 2014

Summary
· Sumitomo Corporation ("Sumitomo") and Fyffes plc ("Fyffes") are pleased to announce that they have reached agreement on the terms of a unanimously recommended cash offer by Sumitomo pursuant to which Swordus Ireland Holding Limited ("Bidco"), a wholly-owned subsidiary of Sumitomo, will acquire the entire issued and to be issued share capital of Fyffes.

· Under the terms of the Acquisition, Fyffes Shareholders will be entitled to receive:
for each Fyffes Ordinary Share €2.23 in cash

· The Acquisition values the entire issued and to be issued ordinary share capital of Fyffes at approximately €751,365,470.

· The Acquisition represents a premium of approximately:
o 49% to Fyffes' closing share price of €1.50 on 8 December 2016 (being the last practicable date prior to the publication of this Announcement);
o 53% to Fyffes' volume weighted average share price of approximately €1.46 over the 30 trading day period ending 8 December 2016;
o 52% to Fyffes' volume weighted average share price of approximately €1.47 over the 90 trading day period ending 8 December 2016; and
o 37% to Fyffes' all-time high share price[1] of €1.62, which occurred on 22 April 2016.

In addition, Fyffes Shareholders will be paid a final dividend in respect of calendar year 2016 by Fyffes of €0.02 per share in cash, bringing the total amount to be received by Fyffes shareholders to €2.25 per Fyffes Ordinary Share in cash. The final dividend will be paid to Fyffes Shareholders on the earlier of the Effective Date or 1 May 2017.

· Commenting on the Acquisition, Hirohiko Imura, Representative Director, Managing Executive Officer of Sumitomo, said:

"Sumitomo Corporation has long admired Fyffes for its outstanding track record and market leading position, and we are delighted that the Fyffes Directors have unanimously agreed to recommend our offer to shareholders. We believe that our offer represents a great reward for Fyffes' shareholders. We are grateful that the McCann family has provided an irrevocable commitment of support and is entrusting us to continue with them the rich Fyffes heritage. Sumitomo will provide Fyffes with experience, support and investment to continue to build on the tremendous Fyffes skills and experience and reach greater potential.

We have significant experience in the produce sector and look forward to working with Fyffes' executive directors, senior management and employees, customers and other stakeholders to strengthen Fyffes' already impressive market position through continued investment. We look forward to working with the Fyffes team to further develop the business over the longer-term and to expanding into new markets to better serve customers."

StockMarketWire.com
European Commission has determined that it will not oppose the recommended takeover of Fyffes by Swordus Ireland.

This completes the competition clearances required for the transaction to complete.

Completion of the transaction remains subject to the court sanctioning the scheme of arrangement at a hearing on 16 February.