Kerry Group sees strong first-half rise in revenues and profits

Trading profit was up by 13% at just over €357m.
Kerry Group sees strong first-half rise in revenues and profits

Kerry group completed its €127m takeover of Spanish nutraceutical company Biosearch as well this month. Picture: Dan Linehan

Kerry Group boosted its profits by 13% in the first half of this year and saw a near 5% rise in revenue.

The Tralee-headquartered global taste and ingredients business said it generated revenues of €3.6bn for the first six months of 2021; 4.9% up on the same period last year. 

Trading profit was up by 13% at just over €357m.

The figures come just over a month after Kerry reached agreement to sell the meats and meals element of its consumer foods division to US food multinational Pilgrim’s Pride for €819m. 

In its first-half update, Kerry said that deal is expected to complete in the final quarter of this year. The sale includes Kerry brands such as Galtee, Richmonds and Denny.

Kerry also, this month, completed its €127m takeover of Spanish nutraceutical company Biosearch.

The first half of the year also saw Kerry add the US-based National Vinegar Company as a bolt-on acquisition and agree to buy global food protection technology company Niacet. 

That €853m deal should complete in the current quarter.

Kerry said trading performance improved in many of its markets on the back of easing Covid restrictions in many countries and improving consumer confidence.

Group chief executive Edmond Scanlon said management was “pleased” with the first half performance and now expects full-year adjusted earnings per share to grow by 10%-13%.

“Our performance through the period gives us continued confidence in our full-year outlook, while recognising the inherent uncertainty that will remain in many regions through the remainder of the year,” he said.

Kerry said it will continue to pursue acquisition targets as part of its ongoing growth strategy.

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