12/08/2019 | Ingredients

Kerry Group issues half year results

Irish dairy cooperative Kerry Group has issued its financial results for the half year ended 30 June 2019. The company’s nutrition and wellbeing technology portfolio exhibited a strong performance in the period, as demand for products with nutritional attributes was noted to have accelerated across the globe.

Growth was observed in customized solutions incorporating in particular Kerry’s fermented ingredients, broad protein portfolio, probiotics, fibre systems, botanicals and natural extracts. During the period, the group completed three acquisitions at a total cost of EUR 327.2 m including Ariake U.S.A. and Southeastern Mills’ North American coatings and seasonings business (SEM).

Developing market growth was reported at 9.1 %, with Asia Pacific Middle East and Africa (APMEA) developing markets being the main driver. In June, the group officially inaugurated a state-of-the-art EUR 20 m production facility in India, marking its fourth significant investment in the country.

Revenue increased by 10.7 % to EUR 3.6 bn, reflecting volume growth of 3.3 %, neutral pricing, contribution from acquisitions of 4.7 %, and a favourable translation currency impact of 2.7 %. Foodservice exhibited a growth of 5.3 %.