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Solid First Half From Kerry Group

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Solid First Half From Kerry Group

Solid First Half From Kerry Group
August 10
09:10 2012

Kerry Group has reported a solid business performance for the half year ended 30 June 2012 and increased guidance for full year. The global ingredients, flavours and consumer foods group increased revenue by 10% (2.5% on a like-for-like basis) to Eur2.9 billion and trading profit by 12.6% to Eur241 million. Notwithstanding the increased level of expenditure relating to the group’s ongoing 1 Kerry Business Transformation and global ‘Kerryconnect’ IT project, the group trading profit margin increased by 20 basis points to 8.3%.

Sales at Kerry’s Ingredients & Flavours business rose by 14% to Eur2.07 billion with 3.7% like-for-like growth. Trading profit grew by 10.9% like-for-like to Eur213 million with the division’s trading margin improving by 30 basis points to 10.3%.

Despite the impact of the economic situation in Ireland and the UK on consumer trends and spend, Kerry Foods performed satisfactorily in the first half of 2012 achieving continued growth in the UK branded and private label sectors and a stabilised market positioning in Ireland. Divisional revenue increased by 1.8% on a reported basis to Eur881 million, reflecting 0.1% like-for-like growth. Consumer Food trading profit increased by 0.6% like-for-like to Eur64 million, maintaining the divisional trading margin at 7.3%.

Stan McCarthy, chief executive of Kerry Group, comments: “Kerry achieved a strong financial and operating performance in the first half of 2012 which augurs well for the full year. We have a strong innovation pipeline and continue to make good progress in implementation of our 1 Kerry Business Transformation programme. The group is confident of delivering our full year growth objectives and has revised adjusted earnings per share guidance upwards. We now expect to achieve eight to twelve per cent growth in adjusted earnings per share in 2012.”

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