Fresh fruit and flower importer Fyffes has announced it is increasing its target profit range for 2011 after recording a positive start to the year.

The firm said it had pushed up its target earnings before interest, tax, depreciation and amortisation (EBITDA) range for the year to €20m-€24m, from €17m-€22m previously.

The full year result is expected to be significantly weighted to the seasonally stronger first six months.

Profits in the first half of 2011 are expected to be well ahead of the same period in 2010.

In March Fyffes revealed flat full year profits after grappling with 'exceptionally difficult trading conditions' in 2010.

However, the company said it had successfully pushed up prices in its banana business in the year to date, particularly in Continental Europe.

It has also benefitted from supply shortages in the early months of 2011, due to adverse weather conditions in production regions, and further cost inflation particularly for bunker fuel.

Fyffes added that the group had also benefitted from operational efficiencies, including the positive impact from significant investments in recent years.

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