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Solid Interim Performance by Kerry Group

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Solid Interim Performance by Kerry Group

Solid Interim Performance by Kerry Group
August 08
11:05 2013

Kerry Group, the global ingredients, flavours and consumer foods producer, is sustaining the strong business development and growth momentum achieved in the final quarter of 2012 into its current financial year.

In spite of a relatively sluggish overall market environment, particularly in developed markets, Kerry achieved a strong financial performance in the first half of 2013, with encouraging results across its ingredients & flavours and consumer foods business segments.

Group sales revenue rose by 1.1% to Eur2.9 billion and trading profit increased by 9.8% to Eur267 million. Adjusted earnings per share in the period increased by 11.7% to 108.9 cent.

Continuing business volumes increased by 2.7% and pricing increased by 1.8% − broadly offsetting input cost inflation of approximately 4%.

Stan McCarthy, chief executive of Kerry Group.

Ongoing added value business development which is improving product mix, coupled with the benefits accruing through the 1 Kerry Business Transformation Programmes and the positive impact from exiting non-core business activities, contributed to a 70 basis points improvement in the group trading profit margin to 9%. This reflects an 80 basis points improvement in trading margin in ingredients & flavours to 11.1% and a 30 basis points improvement in consumer foods’ margin to 7.7%.

Stan McCarthy, chief executive of Kerry Group, comments: “The Group achieved a strong financial performance in the first half of 2013 and continued to invest in enhancing the quality of our businesses. Adjusted earnings per share in the period increased by 11.7% to 108.9 cent. Our global ingredients & flavours technologies and core consumer foods businesses are performing well. We remain confident of achieving our growth targets for the full year and delivering 7% to 11% growth in adjusted earnings per share to a range of 250 to 260 cent per share.”

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