Kerry has reported what the company described as a solid financial performance for the half year ended 30 June 2013.
Adjusted EPS was up 11.7%, with reported revenues up by 1.1% to €2.9 billion. Overall group trading margin was up by 9%, with ingredients and flavours up 11.1%.
“The Group achieved a strong financial performance in the first half of 2013 and continued to invest in enhancing the quality of our businesses,” said Kerry Group chief executive Stan McCarthy. “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.”
Results across the company’s core ingredients and flavours and consumer foods business segments were said to be very encouraging against the backdrop of a relatively sluggish overall market environment, particularly in developed markets. Solid growth and business development continued in the Group’s developing markets.
Kerry said that its broad ingredients and flavours technology base, supported by industry leading innovation enabled through the Group’s Global Technology & Innovation Centres, continued to capitalise on added value growth opportunities and demand for enhanced nutritional and taste solutions. Positive margin momentum was also assisted through the ongoing Kerry Business Transformation Programmes.
In the Group’s Irish and UK consumer foods businesses, the ongoing refocusing by the division on its core branded and customer branded offerings was said to have achieved satisfactory results to date. despite the prevailing competitive, value driven market environment.
