Kerry Group reports 2% profit rise
Kerry Group has announced pre-tax profit of €216m for the first half of 2006, an increase of almost 2%.
The ingredients and food group said it had experienced growth in sales revenue of 7%, to almost €2.3bn.
Kerry Group chief executive Hugh Friel said that the first six months of the year were extremely challenging, but he has full confidence in growth strategies and longer term growth performance.
“As previously signalled, the first six months of 2006 have proved extremely challenging,” he said. “The delay in recovering the significant energy related cost increases slowed growth during the period.
“However, we have full confidence in our growth strategies and our longer term growth performance will benefit from critical attention to on-going cost recovery programmes, supply chain efficiencies, increased investment in product innovation and asset optimisation – including elimination of non-core activities.
“Earnings for the full year are expected to be in line with current market expectations.”
Adjusted earnings per share, before intangible amortisation and non-trading items, was up 2% to 54.9c
Interim dividend per share was up 10% to 5.5 cent.
