Kerry Group announces positive results

The Kerry Group have reported a solid financial performance for the half year ending June 2014.

The global food and ingredients business reported group revenue for the period at €2.9 billion while underlying sales grew by 3.2%. Trading profit rose 3% to €275m.

It described the results as “a solid financial and operational performance in the first half of 2014 despite significant headwinds including adverse currency movements particularly in developing markets”.

Developed markets remained subdued, it reported, with consumer spending hampered by the economic situation, however, despite this, Kerry managed to outperform category and market growth rates.

The company’s ingredients and flavours division declared revenue of €2.1bn, with underlying sales growth of 4.7%.

Kerry Group Chief Executive Stan McCarthy said: “We are pleased to report a solid group-wide performance in H1 2014 with good underlying sales growth and margin improvement. Notwithstanding significant adverse currency movements, adjusted earnings per share increased by 5.8% to 115.2 cent. Our Kerry Global Technology & Innovation Centres continue to drive industry-leading innovation. We remain confident of delivering 6% to 10% growth in adjusted earnings per share in 2014 as previously guided.”

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