Fruit importer Fyffes revealed flat full year profit as it grappled with 'exceptionally difficult trading conditions.'

"In the context of the exceptionally difficult trading conditions which persisted in the banana category for much of the first half of the year, this result represents a very satisfactory outcome for 2010," said chairman David McCann.

Profit before tax rose to €21.3m in 2010 from €21.2m the year earlier. The figure does not include once-off items and losses at property group Balmoral.

Total revenue, which includes its share of joint ventures, was up 2% at €742.1m. Adjusted earnings per share for the year increased by 6%.

McCann said trading in the first two months of 2011 had also been satisfactory after improvement in the second half.

Previously cold weather in the first three months of the year and excess market supplies during much of the first half resulted in a significant reduction in operating profits in the category, the group explained.

Banana profits were also significantly impacted by adverse exchange rates during 2010.

Fyffes is proposing a 9.1% increase in its final dividend for 2010 to 1.2 cents.

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