Taste for 'bite-size' snacks helps boost Kerry's bottom line

Food group Kerry has reported pre-tax profits of €392.8m for the year ending December 2010, compared with €251.9m in 2009.

Group sales revenue of €5bn in 2010 reflected an increase of 9.7% on a reported basis and growth of 4.6% on a like-for-like (LFL) basis when currency translation, acquisitions and business disposals ae taken into account.

In the ice-cream and frozen desserts markets, Kerry said a lift in consumer demand for "bite size" snackable products led to increased product development in fruit bars, ice-cream sandwich products and frozen novelty lines.

Kerry Group boss Stan McCarthy said: "Kerry Group achieved excellent results in 2010. Business development in the group's established and emerging markets proved highly successful delivering strong volume growth and good margin progression.

"We achieved a 16.8% increase in earnings per share to 194.5 cent. Taking into account the phasing of raw material cost recovery and exchange rate variability, we expect to achieve growth in adjusted earnings per share in 2011 to a range of 210 to 218 cent per share."