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.

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By GlobalData