Kerry sees profits rise despite slump in sales
Kerry Group has released its preliminary results for the year ended December 31, 2003, showing a rise in full year earnings of 40%, led by demand for the company's ingredients for health and nutritional products.
Pre-tax profits rose from €159.2m to €224m in the year to December 2003. It raised its full year dividend by 10% to 12.65c per share.
Operating profit before goodwill in 2003 was €308.5m reflecting (on a like-for-like basis) an increase of 7.6% on the previous year.
Sales originating form Irish based operations were down 3% at €1.33bn, due to business disposals and currency impact.
Overall, there was a like-for-like sales growth of 4.6%.
The group said it focused attention in 2003 on manufacturing synergies, supply chain efficiencies and improvements in the product mix, resulting in an increase of 30 basis points to 8.4% in the group operating margin.
Hugh Friel, chief executive of Kerry Group, said: "In a year marked by significant currency shifts, Kerry achieved an excellent operational and financial performance."
