News

Kerry sees 12% rise in profits

Kerry Group has reported its business performance for the year ended 31 December 2019. Group revenue was €7.2 billion, reflecting 9.6% reported growth.

Taste & Nutrition saw 4.0% volume growth, while Consumer Foods experienced a 2.2% volume reduction (0.9% growth excluding contract exit). Group trading profit was €903m reflecting 12.1% reported growth.

Edmond Scanlon, Chief Executive Officer, said: “We are pleased with the business performance and the strategic development of the Group in 2019. Taste & Nutrition delivered good volume growth, particularly against the backdrop of softer market volumes in some developed markets. We also enhanced our trading profit margin and achieved growth in adjusted earnings per share of 8.3% in constant currency. Significant progress was made right across our strategic growth priorities of taste, nutrition, foodservice and developing markets. We successfully integrated a number of strategic acquisitions, expanded our strategic footprint in high growth markets.”

According to Kerry, the food and beverage industry continues to evolve at pace, with a heightened focus on sustainability as consumers are demanding more, which is challenging traditional business models right along the end‐to‐end supply chain. Consumers want great taste, including authentic, natural and local taste experiences. They want enhanced nutrition for better health and overall wellbeing, and they expect more convenient and affordable options to match today’s on‐the‐go and digital lifestyles. Consumers are demanding that these experiences are produced and delivered without compromise, in ways that are good for people and the planet.

Products are increasingly required to reflect consumers’ values on sustainability and provide additional fulfilment by creating positive outcomes beyond the consumption occasion. Our Purpose to Inspire Food and Nourish Life helps define the key role Kerry plays in addressing these needs. As our customers continue to meet these rapidly changing consumer demands and increase speed to market, Kerry is best positioned as the co‐creation partner of choice with our unique business model, broad taste and nutrition technology portfolio, and industry‐leading integrated solutions capability.