Earnings down at Glanbia, while Kerry reports revenue increase
Revenue at Kerry Group rose 1.4pc year-on-year to €3.2bn in the six months to June 30, while half year results from Glanbia showed total group profit to be down €16.7m.
Kerry half year results show that the growth in revenue reflected volume growth of 3.6pc and a 0.6pc improvement in pricing, as well as the contribution from acquisitions, according to interim results from the group.
However the consumer foods business saw its trading margin decrease by 10 basis points to 10.5pc, as strong volume growth and contribution from acquisitions were offset by adverse currency movements.
On a constant currency basis, group sales increased by 8pc year-on-year. Group trading profit came in at €340m, up 0.5pc year-on-year, and up 8.7pc in constant currency.
However, half year results at Glanbia showed that earnings before interest, tax and amortisation at Glanbia fell by 7.3pc year-on-year in constant currency to €123.7m in the six months to June 30.
During the period revenue at the group increased 3.6pc to in constant currency to €1.1bn, however it was down 6.2pc in reported currency.
Meanwhile, total group profit (after discontinued activities and exceptional items) for the period was €98.2m, down €16.7m on prior half year.
Glanbia's pro-forma share of joint ventures profit after tax from continuing operations decreased by €8.2m to €17.8m, according to interim results from the group.