Increases the income on Kerry, but the currency showed effects

  • Increases the income on Kerry, but the currency showed effects
    Independent.t. E.
    Group revenue Kerry rose 1.4 PC year-on-year to €3.2 billion in the six months to June 30.
    https://www.independent.ie/business/irish/revenue-increases-at-kerry-but-currency-headwinds-impact-results-37199271.html
    https://www.independent.ie/business/article36622615.ece/ebe17/AUTOCROP/h342/2018-01-07_bus_37492314_I1.JPG

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Group revenue Kerry rose 1.4 PC year-on-year to €3.2 billion in the six months to June 30.

Revenue growth reflects volume growth of 3.6 PC and 0.6 PC improvements in pricing and the contribution from acquisitions, according to interim results of the group.

However, the consumer products business saw its sales decrease in margin of 10 basis points to 10.5 PC, as a steady volume growth and contributions from acquisitions were offset by unfavorable currency movements.

On a constant currency basis, the group’s sales rose 8pc year-on-year.

Group trading profit totaled €340 million, or 0.5 PC year-on-year and amounted to 8.7 PC in constant currency.

“The development of consumer trends and market changes have opened up opportunities and demand for the industry Kerry, leading RD and a wide range of technologies,” Edmond Scanlon, CEO of Kerry group, said.

“This, along with the reinforced end of the unit using the market’s attention, drove healthy growth in volumes and base expansion margin in the first half of 2018. We also continued to make progress and to invest in initiatives for business development aligned to our strategic development priorities”.

Within six months, the group on the taste and business-food reported growth of 4.1 PC, while its consumer products business notes growth of 1.3 PC.

Looking forward the group said it is updating its guidance for the year and now expect to achieve growth in adjusted earnings per share for 7pcs 10pcs in constant currency.

Previously, the group expected to achieve growth in adjusted earnings per share of 6pcs 10pcs in constant currency.

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