Ireland-based food firm Kerry Group has posted a 4.8% increase in revenue to €3.2 billion for the first six months of the year, ending 30 June 2017.
Trading profit for the period increased by 5.2% to €338 million, and adjusted earnings per share grew by 7.5% to 143.8 cent.
“Against a background of significant adverse currency movements, we achieved a strong overall business performance in the first half of 2017, outperforming market growth rates and delivering a 7.5% increase in adjusted earnings per share," said Stan McCarthy, Kerry Group chief executive.
Performance
The group's taste and nutrition business experienced a 4.2% volume growth during the first half of the year, while its consumer foods division was up by 2.3%.
The company says that consumer trends favouring clean label, nutritious, natural, and convenience food continues to drive performance in all regions.
Sales revenue in the Americas region on a reported basis increased by 7.6% to €1,339 million, while sales in Europe, the Middle East and Africa grew by 2.3% to €750 million, and by 14.2% to €419 million in Asia-Pacific.
Outlook
"In February 2017 we guided growth in adjusted earnings per share of 5% to 9% at prevailing exchange rates," said McCarthy.
"Taking into account increased currency translation headwinds of 4% and a 2% improvement in underlying performance at constant currency rates, we now expect to achieve growth in adjusted earnings per share of 3% to 7% on a reported basis to a range of 333.1 to 346 cent per share."
McCarthy, who became chief executive of the group in January 2008, will retire from his position on 30 September 2017, and will step down as director at the end of the year.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
