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Independent.ie

Tuesday 17 July 2018

Revenue passes the €6bn mark at Kerry Group

Kerry Group ceo Edmond Scanlon Photo: David Conachy
Kerry Group ceo Edmond Scanlon Photo: David Conachy
Ellie Donnelly

Ellie Donnelly

Revenue at Kerry Group soared to €6.4bn in 2017 as the company benefited from a 4.3pc growth in its business volume.

In its preliminary statement of results for the year to 31 December 2017, the group said that the growth in business volume reflected it's technology capabilities and speed of innovation in response to consumer and customer requirements.

"Kerry Group delivered strong top line growth and sustained business development in 2017," Edmond Scanlon, chief executive of Kerry Group, said.

"Adjusted earnings per share increased by 5.5pc reflecting 9.4pc growth over the prior year on a constant currency basis. In 2018 we expect to deliver adjusted earnings per share growth of 6pc to 10pc on a constant currency basis."

The company’s taste and nutrition business saw its volume growth increase by almost five percent year-on-year to €5.2bn, while its consumer foods business recorded revenue of €1.3bn, 2.4pc increase in volume growth on its 2016 performance.

Trading profit at the company was €781m, a 4.2pc increase year-on-year, while the group, which has its roots in 1960s Listowel, saw its trading margin maintained at 12.2pc.

Its share price traded in the range €64.18 to €94.30 during the year.

During the year the group completed eight acquisitions at a cost of €397m and the acquisition of Hangman Flavours in China was completed shortly after year end.

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On the matter of Brexit, the group said that it was "very well positioned" to deal with the potential challenges and realise the opportunities that will arise from it.

The group used the update to announce the appointment of Ms Marguerite Larkin as chief financial officer from 30 September 2018 to succeed Mr Brian Mehigan, who will take up the role of chief strategy officer.

Ms Larkin, who has over 25 years of global experience, is currently a senior partner with Deloitte and has held a number of leadership roles within Deloitte Ireland including audit & assurance and risk advisory leader.

Last October Edmond Scanlon took over from Stan McCarty as chief executive of Kerry Group.

In an interview with the Sunday Independent earlier this year Mr Scanlon said that he was eyeing a range of potential acquisition targets in developing markets for the group, particularly Asia.

The company acquired two Chinese companies during 2017 but has an appetite for more deals in the region.

Going forwards the company said that, despite what it described as "the changing market landscape and significant currency volatility" the company was well positioned to continue to grow and develop profitability.


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