But last year its sufferings were of positively Biblical proportions, as its Windward Islands producers coped with drought, followed in quick succession by the depradations of storm Debbie.In the circumstances, yesterday’s pre-tax profits of £12.8m for the year to December were not a bad result, coming after the hefty exceptional charges and loss of £5.4m in 1993.The results were a touch ahead of the company’s profit warning in January, when Geest braced the market for last year’s loss of Windward volumes. Having seen its plantations ravaged by the dread black sigatoka disease and weighed down by a glut of bananas, Geest had a tough 1993. The shares have plunged from a high of 479p two years ago to a new low of 159p, perilously near their 1986 flotation price of 125p.
The reasons are not hard to find. Banana skin jokes are wearing a little thin with investors in Geest, which with the Irish group Fyffes dominates the import of bananas into the UK. But the fundamentals are strong, it’s only that the system is not able to cope with it In fact, this is a great opportunity to buy,” she said..

“The Bombay exchange will have to clean up its act,” a spokeswoman said. “In the short term, we expect the market to fall by 50 points for each day it remains closed. Foreign and Colonial has a $130m fund that invests in India.Lazards insisted the event would be a positive development in the long term. India has been one of the most popular destinations for the flood of retail investor money that has flowed into emerging markets in the past two years.A Foreign and Colonial emerging markets spokesman, Sam Mahtani, said that the closure would have a temporary impact on market sentiment, but the company’s 12-month forecast for India was positive. Payments will be made tomorrow, when the exchange opens.”
Trading ground to a halt on Monday after a broker’s default on payments amounting to 135m rupees (£2.7 million).After three days of infighting amongst brokers, in which they refused the exchange’s ultimatum to cover their losses, a solution was finally worked out yesterday.The closure of the exchange for three days over such a relatively minor default was described yesterday as a “temporary setback” by emerging market fund managers in London. Bhagirat Merchant, president of the exchange, said: “The crisis has been resolved, and we have received all the money for the settlement. If one country bought it, others would sit up an take notice.”.

India’s largest stock market, the Bombay Stock Exchange, will reopen for trade today after an embarrassing three-day shutdown triggered by a broker’s default. A Westland spokesman said it would be an important order for the company to win “There are no Lynx operated by Gulf countries. The company promotes Lynx as the world’s most popular naval helicopter, with 370 in service with 11 navies. “Westland put in a bid as low as $250m (£166m),” one diplomat said, according to Reuters. Westland officials at the exhibition, called Idex 95, refused to comment.William Perry, the US Defense Secretary, visited Idex yesterday to support American bidders. Defence experts believe that the two main contenders are the Seahawk, made by Sikorsky in the US, and the Panther made by Eurocopter, a division of Aerospatiale.Westland, a subsidiary of GKN, is offering its Super Lynx helicopter, which also has an anti-submarine warfare role. The United Arab Emirates is expected to indicate during the next few days the preferred bidder for an order for up to 12 military helicopters.
Companies and defence experts are gathered in Abu Dhabi, where perhaps the most important military exhibition for the last couple of years is taking place.Competition for the UAE order, said to be worth between £200m and £250m, is fierce and reports suggest that Westland and France’s Eurocopter are among those companies to drop their price.Reuters said diplomats and Western military experts said both companies had presented last-minute lower offers.

A last-minute price war has broken out at a Middle East arms bazaar where Westland Helicopters is vying with the world’s largest manufacturers to secure a massive order. My job will be to deliver results against the background of that strategy.”Diary page 34. The strategic direction of the business is pretty well-settled, with established operations in the UK and US and a foothold in Europe. He is credited with steering the group successfully through stormy waters after the resignation of his predecessor and through the fiasco that ensued when the Irish Government sold its remaining stake two years ago.Yesterday he said: “My priority number one at the company will be to do a lot of listening.