Irish food maker Kerry Group posted a "positive" set of full-year results according to analysts today (24 February), despite a 28% drop in reported net profit.

Net income for the year ended 31 December fell to EUR177m (US$225m) from EUR246m a year earlier. Revenue remained relatively flat at EUR4.8bn from EUR4.7bn in the previous year.

A series of restructuring measures, including the rationalisation of manufacturing sites in the Americas and Europe, weighed on Kerry's bottom line.

Stripping out the cost of these moves, Kerry said underlying net income rose from EUR246m in 2007 to EUR254m.

Goodbody analyst Liam Igloo said the results were "reassuring", in line with forecasts and "pretty positive" despite the current economic downturn.

In recent weeks, Kerry has made three acquisitions, Dera Holding - a savoury flavourings business, Prima - a Costa Rican based savoury ingredients and flavours business and G Adams Pastry - a UK-based cooked pastry products business.

"We are modest in size and as with all bolt on additions, acquisitions are important and we don't enter into them lightly," Frank Hayes, director of corporate affairs. "They offer new capabilities and we are anxious to extend our business into Eastern Europe and the Middle East."

Igloo said the acquisitions were "fairly small" and were "not likely to have much of an impact on the business".