Ireland-based B2B and consumer food company Kerry Group today (7 August) posted higher half-year sales and profits thanks to growth from its ingredients division.
Net profit was up 65.8% at EUR194.7m (US$260.4m) thanks to the absence of one-off items booked in the results for the first half of 2013.
Go deeper with GlobalData
Kerry said trading profit increased 3% to EUR74.7m despite a 1.9% fall in revenue to EUR2.89bn.
The company said foreign exchange weighed on its top line. Underlying sales were up 3.2%, with volumes from continuing business 2.7% higher.
Volumes from Kerry’s ingredients and flavours arm, which accounted for over 72% of sales in the half, improved in the second quarter versus the first three months of the year.
See Also:
Underlying sales from Kerry’s ingredients and flavours division increased 4.7%, with trading profit up 4.9%.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSales from Kerry’s consumer business, which includes brands like Mattessons and Cheestrings, dipped 0.9%. Kerry said it promoted less during the period, which led to a fall in volumes. Trading profit fell 2.4%, although trading margins were up.
Kerry CEO Stan McCarthy said the company was “confident” of hitting its forecast of a 6-10% rise in adjusted earnings per share in 2014.
