Kerry Group achieves ‘good underlying growth’ in 2013

Kerry Foods Group has revealed figures showing a solid financial performance in 2013.

Chief executive Stan McCarthy said: “The group achieved good underlying growth ahead of our markets in 2013 and a 10.2% increase in adjusted earnings per share. Our performance reflects continued business margin improvement and strong cash generation. We are well focused on our targeted nutrition, taste and developing market platforms for growth. Based on current exchange rates, the group expects to achieve 6% to 10% growth in adjusted earnings per share in 2014.”

Group revenue, at €5.8bn, reflects underlying sales growth (USG) of 4.6%. Continuing business volumes increased by 3% and pricing rose by 1.6%, offsetting input cost inflation of about 4%.

Kerry Group said its UK brands maintained a solid performance despite comptetitive market pressures, with Richmond remaining the number one sausage brand in the UK after growth of 5.7% in 2013.

The chairman’s statement for the year ending 31 December 2013 read: “Against a background of weaker economic conditions in many developed and developing markets, the group achieved good underlying growth ahead of our markets, continued margin improvement and strong cash generation.

“Our 2013 performance and results reflect the strength of Kerry’s taste and nutrition platforms and customer-focused business model – supported by the group’s major investment in Kerry Global Technology & Innovation Centres and Regional Development & Application Centres in recent years. Our developing market strategies continued to deliver strong growth and market development, despite reduced economic growth in some regions.”

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