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Kerry Group achieves €2.6 billion in revenues in first half of 2011

Despite rising input costs and a competitive market, Kerry Group has reported a pre-tax profit of €175m for the first six months of the year.

Stan McCarthy, CEO of Kerry Group
Stan McCarthy, CEO of Kerry Group
Image: Photocall Ireland

DENNY SAUSAGES, GALTEE rashers and Dairygold butter are just some of the popular brands helping Kerry Group to healthy profits and revenues despite rising costs and tough economic conditions.

Sales revenue across the food group rose 8.4 per cent to €2.6 billion in the first six months of 2011.

In its interim statement this morning, Kerry Group said its trading profits increased over 6 per cent to €214m.

Profits before tax rose to €175m, up from the €162m recorded in the same period last year.

The group decided to pay out an interim dividend per share of 9.8 cent, up over 11 per cent on the previous half-year.

Chief executive Stan McCarthy said the solid performance came despite significant raw material and input cost inflation.

Food markets in the UK and Ireland remained competitive during the six-month period, said Kerry Group, with both markets are seeing more and more promotional activity. However, market share in Ireland stabilised and good growth was experienced across brands in the UK.

McCarthy is now confident Kerry Group will achieve its yearly targets.

The group remains confident of achieving its growth targets for the full year and  delivering eight to 12 per cent growth in adjusted earnings per share as guided at the beginning of  the year.

The strong financial results impressed investors and the company’s shares were among the top gainers on Dublin’s ISEQ today, jumping over 2.2 per cent to €27.80. They have since fallen back to €27.20.

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