IRELAND: Kerry sees double-digit growth driven by ingredients
- Revenues up 10.3%
- Operating profit up 10.8%
- Expects 2013 EPS growth of 7-11%
Kerry sees FY gains
Kerry Group booked a double-digit increase in sales and earnings for fiscal 2012, with growth driven by its ingredients and flavours arm.
In a regulatory filing released this morning (26 February), the Irish food and ingredients group said revenues increased by 10.3% in the year, rising to EUR5.8bn (US$7.6bn). Operating profit rose by 10.8% to EUR54.7m, while earnings per share gained 11.3%.
Sales at Kerry's ingredients and flavours unit rose 14% while trading profit was up 15.1%. Meanwhile, the competitive consumer environment meant the consumer foods unit lagged, with sales up 2.3% and trading profit up 0.1%.
Chief executive Stan McCarthy said the results reflected the progress made on the "1 Kerry" business transformation programme, which aims to exploit Kerry's technologies and expertise to drive growth.
"We continue to invest in our technologies, innovation and nutritional expertise, and also in expanding our footprint throughout developing markets," he commented.
Kerry said it expects to see EPS growth of 7-11% in the coming year.
|Preliminary Statement of Results for the year-ended 31 December 2012|
|Kerry, the global ingredients & flavours and consumer foods group, reports preliminary results for the year-ended 31 December 2012.
• Adjusted EPS* up 11.3% to 237.6 cent
• Sales revenue increased by 10.3% to €5.8 billion
• 2.8% increase in continuing business volumes
• Trading profit increased by 10.8% to €555m
• Group trading margin up 10 basis points to 9.5%
- Ingredients & Flavours +10 basis points to 12%
- Consumer Foods 20 basis points lower at 7.6%
• Final dividend per share of 25 cent (Total 2012 dividend up 11.2% to 35.8 cent)
• Record free cash flow of €380m (2011 : €279m)
• R&D investment of €186m
Original source: Kerry Foods
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