Business Irish

Sunday 18 August 2019

Kerry Group revises guidance for the year

Kerry Group CEO Edmond Scanlon
Kerry Group CEO Edmond Scanlon
Ellie Donnelly

Ellie Donnelly

Kerry Group has said its earning per share growth for this year will be between 7pc- 9pc, having previously forecast growth of between 6pc-10pc.

This comes as sales increased 10pc year-on-year to €3.6bn in the first six months of 2019, according to interim results from the company.

The increase in turnover reflected volume growth of 3.3pc, flat pricing, and the positive impact of acquisitions.

Group earnings before interest, taxation, and amortisation (Ebita) was up 12.6pc to €382.9m. Analysts had predicted Ebita of €377.7m for the company.

Edmond Scanlon, CEO of Kerry Group, said he was “pleased with the business performance.”

"While heightened consumer pricing and uncertainty impacted market volume growth rates in some developed markets, our unique and industry-leading business model and integrated taste and nutrition positioning continued to deliver significant value for our customers in meeting rapidly evolving consumer needs.”

“Good progress has been made on the integration of recent acquisitions, which are performing very well. We are updating our guidance and expect to achieve growth in adjusted earnings per share of 7pc to 9pc in constant currency."

Kerry’s Taste & Nutrition business recorded 3.8pc volume growth during the period, while its Consumer Foods arm saw volume growth of 0.6pc.

The group spent €324m on acquisitions during the six month period.

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