Kerry Group’s H1 trading profit up 13% to €357m

Kerry Group chief executive Edmond Scanlon

Revenue during the first half of the year grew by 4.9% to €3.6 billion

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3 August 2021 | 0

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Kerry Group’s latest interim results show the company us recovering from the impact of the pandemic last year.

Trading profit grew by 13% to €357 million in H1, while the group trading profit margin increased by 70 basis points to 10%. Meanwhile, revenue during H1 grew by 4.9% to €3.6 billion, reflecting a volume increase of 9%.

The group’s balance sheet was also said to be “in a strong position”, with the ability to support future growth plans.

Kerry Group also managed to repay $200 million of outstanding private placement notes during the period, and therefore no longer has any financial arrangements that carry financial covenants.

“We will continue to invest for growth and the enablement of our business model, while pursuing merger and acquisition opportunities aligned to our strategic growth priorities,” the group said in a press statement.

“While recognising the inherent uncertainty that will remain in many regions through the remainder of the year, the group expects to deliver strong volume growth,” it added.

“We are pleased with overall performance in the period, reflecting continued strong growth in our retail channel, with good progression and momentum in foodservice while lapping lower prior year levels,” said Kerry Group chief executive Edmond Scanlon.

Specifically, he noted that the “Americas had good overall volume growth, Europe delivered an excellent relative performance, while growth in Asia Pacific/Middle East/Africa remained strong despite challenging conditions in some local markets”.

The acquisition of Niacet was described by Scanlon as enhancing “our leadership position in the fast-growing food protection and preservation market, while we also reached agreement for the sale of our consumer foods’ meats and meals business.”

Overall, Scanlon said the group’s performance in H1 provided “continued confidence in our full year outlook, while recognising the inherent uncertainty that will remain in many regions through the remainder of the year.”

“Our earnings guidance range has been updated as a result, and we have also reflected the expected impact from portfolio developments,” he added.

 

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