Kerry profit up 8% to €175m despite cost increases

KERRY GROUP saw pre-tax profits jump by 8%, year-on-year, in the first half of this year to €175 million, with group revenue rising by 8.4% to €2.6 billion.

The Tralee-headquartered international food group said that its “solid” earnings growth — earnings per share were up, on an annualised basis, by 9.7% to 86.8c — and “strong volume growth” were achieved despite significant raw material and input cost inflation.

In spite of this pressure, Kerry’s chief executive Stan McCarthy yesterday reiterated the group’s confidence in achieving its previously stated growth targets for this year, which include full-year earnings per share growth of between 8% and 12%.