IRELAND: Brands and ingredients drive Kerry in 2010
Kerry saw sales and profits rise from consumer brands and ingredients in 2010
Irish food maker Kerry Group this morning (22 February) posted what it dubbed "excellent" financial results for 2010, with sales and profits rising in its consumer and ingredients divisions.
Kerry booked a 16.8% rise in adjusted earnings per share to 194.5 euro cents for 2010 on the back of a 61.1% jump in net profit and an 11.3% increase in trading profit.
The company, which makes brands including Richmond sausages and Mattessons snacks, reported net profit of EUR324.2m. Trading profit reached EUR470.2m. Revenue was up 9.7% at EUR4.96bn.
Within Kerry's consumer foods business, revenue was up 1.3% on a like-for-like basis at EUR1.77bn. Trading profit increased 5.3% to EUR132m, while margins were up 40 basis points to 7.5%.
Kerry's ingredients division reported a 6.6% rise in revenue to EUR3.68bn. Trading profit was up 12.8% at EUR401m and margins improved by 50 basis points to 10.9%.
The company said it had made a "good start" to 2011 and forecast earnings per share of EUR210-218 for this year.
Click here for the full statement from Kerry or check out just-food's coverage of the company's conference call with analysts.
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