Kerry Group has reported a 13% increase in trading profit to 357 million for the first six months of the year.
The group’s trading profit margin increased by 70 basis points to 10%.
It says that was primarily due to recovery of operating leverage following the impact of Covid-19 in the same period last year.
Group revenue revenue in the six months increased by 4.9% to €3.6 billion.
Basic earning per share were up around 8 cent to 128.2 cent.
“We are pleased with overall performance in the period, reflecting continued strong growth in our retail channel, with good progression and momentum in food service while lapping lower prior year levels,” Edmond Scanlon, Chief Executive Officer of Kerry Group said.
“The Americas had good overall volume growth, Europe delivered an excellent relative performance, while growth in APMEA remained strong despite challenging conditions in some local markets.”
The group is proposing to pay an interim dividend of 28.5 cent per share, reflecting a 10% increase on the interim dividend paid for the same period last year.
“We had some notable strategic developments this year as we continued to evolve our portfolio,” Mr Scanlon added in his statement.
“We announced the acquisition of Niacet, which enhances our leadership position in the fast growing food protection and preservation market, while we also reached agreement for the sale of our Consumer Foods’ Meats and Meals business.”
He said the transactions would enhance Kerry’s position in the market while also boosting confidence in the full year outlook.
“Our earnings guidance range has been updated as a result, and we have also reflected the expected impact from portfolio developments,” he concluded.