Irish produce multinational Fyffes Plc (ESM:FFY) has lifted profit expectations by €9-11 million for the year due to the impact of its purchase of Canadian mushroom grower Highline Produce.

The CAD$145 million (€97.7 million) acquisition was made earlier this month, prompting an uptick in the company's share price.

Fyffes has announced an expected EBITDA between €63-69 million, compared to the previous estimate of €54-60 million.

"Overall, the Group’s existing business has performed in line with expectations in the year to date," the company said.

"The increase in the target ranges below includes the expected impact of the recent purchase of Canada’s largest mushroom company, Highline Produce Limited, for the nine month period post acquisition.

"Fyffes remains confident about its future prospects, including the performance of its new mushroom business, and continues to focus on its ongoing development with a view to increasing shareholder value."

Another Ireland-based fruit and vegetable group, Total Produce, has made significant moves into the Canadian market as well in recent years with majority holdings in Oppy and Gambles Ontario Produce.

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