Trading profit hits “milestone level” of €501m at Kerry Group
21.02.2012
Global food group Kerry Group achieved good profitable growth in 2011 despite weak consumer confidence in many markets and raw material and input cost inflation, chief executive Stan McCarthy said today.
Group trading profit reached a “milestone level “of €501m, an increase of 7.1pc compared to the previous year, and the group maintained solid underlying business trading margin momentum, he noted.
“The group performed well across developed and developing markets while continuing to build our capabilities and positioning for the future.
“We are confident of achieving our strategic growth objectives for 2012 and expect to achieve 7-10pc growth in adjusted earnings per share to a range of 228 to 235 cent per share (in 2011 the equivalent figure was 213.4 cent).”
Group sales revenue in 2011 on a reported basis increased by 6.9pc to €5.3bn, reflecting growth of 6.4pc when account is taken of acquisitions and currency translation.
Overall growth in the group’s consumer foods categories was weaker in the fourth quarter but the level of trading over the holiday period was encouraging, said McCarthy.
Over the full year ingredients and flavours’ business volumes increased by 4pc and consumer foods achieved 1.1pc business volume growth.
Meanwhile, investment in research and development increased to €167m from €156m in 2010 and capital expenditure amounted to €162m, up from €139m in 2010.