Kerry Group to sell its Australian bakery Pinnacle
Kerry Group is in talks to sell its Pinnacle bakery business in Australia, the company announced this morning.
Pinnacle has annual revenues of €160m.
Sales volumes grew at Kerry Group last year, but the company posted a 1.4pc dip in revenue off the back of currency fluctuations and acquisitions.
However, trading profit grew 5.3pc on a like-for-like basis, with the company’s trading margin rising 0.6pc.
“We recorded another year of good growth, business margin expansion and an 8.1pc increase in adjusted earnings per share in 2014,” chief executive Stan McCarthy said.
“The consumer environment across developed and developing markets is changing rapidly but Kerry is well positioned to capitalise on global growth opportunities. We expect to achieve another year of good growth in 2015”.
Kerry said the changing consumer environment and economic trends meant its performance in developed markets was “relatively weak”.
Davy analysts said the results were in line with expectations.
“Solid 2014 results highlight the group's capacity to deliver underlying volume growth and margin advancement, notwithstanding tough market conditions,” the analysts said.