Kerry Group profits rise as trading conditions improve
Irish food company Kerry Group said on Friday that interim pre-tax profit rose, with revenues up as overall trading conditions improved.
In the half year to 30 June, pre-tax profit increased to €262.9m €244.9m in the same period a year prior, with revenue up 4.9% to €3.6bn.
Trading profit grew 13% to €357m and the trading profit margin increased by 70 basis points to 10%, mainly thanks to the recovery of operating leverage given the impact of Covid-19 in the previous year.
Kerry said overall conditions improved in many developed markets, with increased economic activity, reopening levels and consumer confidence, while developing markets saw a lot more variability through the period.
"At-home consumption remains elevated as work practices and consumers' daily routines continue to evolve, with the foodservice channel continuing its trajectory of gradual overall recovery," it said.
"Our markets remain highly dynamic, as customers seek to address heightened consumer demands for increased health and wellness benefits, plant protein options, digital engagement, and products addressing a number of sustainability measures."
Chief executive officer Edmond Scanlon said the Americas had good overall volume growth, Europe delivered an "excellent" relative performance, and growth in Asia Pacific/Middle East/Africa (APMEA) remained strong despite challenging conditions in some local markets.