Kerry posts increase in full-year revenue
Ireland-based food ingredients & flavours group Kerry reported that its revenue increased 7% to €5.3bn for the year ended 31 December 2011, up from €4.96bn the previous year, driven by its ingredients and flavours segment which accounted for about two-thirds of the sales.
The company's adjusted pre-tax profits was €449.1m, up 10.8% from €405.4m the previous year, while trading profit reached €501m, up 7% from 2010.
Kerry Chief Executive Stan McCarthy said that Kerry delivered good profitable growth in 2011 despite weak consumer confidence in many markets and significant raw material and input cost inflation.
"The Group performed well across developed and developing markets while continuing to build our capabilities and positioning for the future," McCarthy added.
The ingredients and flavours business, which offers ingredients for food, beverage and pharmaceutical markets, grew steadily in all regions, with revenue increasing by 7.7% to €3.706bn, and trading profits increasing by 9.4% to €439m.
The consumer foods business, which offers added-value branded and customer branded chilled foods, saw a 3.2% increase in revenue to €1.674bn, and 1% increase in trading profits to €130m.
Kerry said that it expects to achieve its strategic growth objectives in 2012 and expects to achieve 7% to 10% growth in adjusted earnings per share.
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