Ingredients, flavours and consumer foods producer Kerry Group has said that pre tax profit dropped by 25% in fiscal 2006, declining to EUR221m from the EUR297.9m posted for fiscal 2005, despite a 4.9% increase in sales revenue.
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Sales at the Irish food group rose to EUR4.65bn during the year.
Kerry said profits were down due to exceptional losses of EUR73.4m, the result of losses on the sale of businesses and restructuring costs. Excluding exceptional items, the group’s profits totalled EUR294m.
Hugh Friel, Kerry chief executive, said: “While 2006 was a challenging year for the group, I am pleased by the improved trading performance in the second half benefiting from successful innovation and on-going business restructuring and cost saving programmes”.
“The group has made a good start to 2007 and we are confident of an outcome for the full year in line with market expectations,” he concluded.
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