Charges hit Kerry H1 profits

16 August 2012 | News | Source: Kerry Ingredients & Flavours

In the six months to the end of June, profits after taxation dropped to EUR107.6m (US$132.8m) from EUR144.4m last year. Operating profit declined 23.9% to EUR154.7m.

The cost of integrating recent acquisitions and charges from restructuring measures were factors that hit profits.

However, adjusted profit before tax and non-trading items increased by 13.7% to EUR209m.

Revenue climbed 10% to EUR2.9bn. Like-for-like sales were up 2.5%, taking into account acquisitions, disposals and currency translation.

Sales from the firm's consumer foods division increased 1.8% to EUR881m in the period but trading margins remained flat at 7.3%.

Sales from Kerry's ingredients and flavours division were up 14% to EUR2.07bn, with trading margin up 30 basis points to 10.3%.

Kerry said it is confident of delivering its full-year growth objectives and has revised adjusted EPS guidance. It now expects to post EPS of 8-12 cents, up from a forecast of 7-10 cents in May.


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