Kerry Group posts 1% profit rise after a tough trading period
However, the results were achieved in tough trading conditions and were in line with market expectations.
Pre-tax profit came in at €88 million, a 1% hike, half on half. Sales were up 8.5% to €1.96 billion while operating profits rose 10.2% to €147m.
Margins were up a fraction from 7.4% to 7.5%, while earnings per share (EPS) rose 10.4% to 50.9 cent before goodwill and exceptionals.
On the more basic measure, EPS is 33.1 cent, against 33.4 cent previously.
The group has declared an interim dividend of 4.5 cent, up 11.1%.
Kerry spent €674m on acquisitions, making it one of the most active periods for the group.
Included in purchases was Quest, which has brought a new strategic dimension to its scientific research base.
Quest has also been the biggest takeover in the group's history.
When acquisitions and currency movements are taken into account, like for like sales are ahead by just 3.8%.
Figures also include a one-off charge of €6.7m for restructuring and the integration of acquired business.
In Ireland, profits rose from €31.6m in the first half of last year to €32.2m on slightly higher sales of €670m.
Profits in Europe rose 11% to €52.4m on sales that were ahead 11.6% at €694m.
In the Americas, sales were 11% higher at €504m, while profits added 13% to €55.3m.
In the Asia Pacific division, profits increased by 28% to €6.9m on 22% higher sales of €87.3m.
Chief executive Hugh Friel said: "In a very busy period, the group again delivered excellent results throughout its operations, while also building important platforms for future growth and development.
"Kerry's consistent strategy and capability to meet consumer lifestyle, convenience, health and nutritional requirements again delivered good sales growth and further margin progression," he said.
Mr Friel added: "Building on a good first half performance, the group is confident of achieving a good outcome for the full year."
In the half year Kerry delivered good results across its core business made up of ingredients and consumer foods.
Mr Friel said he would be disappointed if by the year end the group had not made an acquisition in China.
It is just a matter of finding the right acquisition in a small pool of options, he added.
