Ireland’s Kerry Group saw earnings surpass its expectations in 2009 despite a revamp of its ingredients business weighing on revenues.
Kerry, which also makes consumer brands including Wall’s sausages and Mattessons snacks, this morning (23 February) booked adjusted earnings per share of 166.5 cents – against a target of 160-165 cents.
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Turnover fell 4.8% to EUR4.5bn (US$6.14bn) on a like-for-like basis, although trading profit climbed 3.8% to EUR422m.
Underlying volumes from Kerry’s ingredients and flavours division rose 2.9%, while sales volumes from the company’s consumer brands recovered to “equal the 2008 level”, the group said.
Chief executive Stan McCarthy said: “The Kerry business model performed robustly in what was a challenging environment in 2009 – delivering excellent product and business development opportunities, good margin improvement and cash generation.”
Click here for the full earnings release from Kerry and click here for Stan McCarthy’s outlook for the UK and Irish markets.
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