Kerry Group has reported a trading profit increase of 13% to €357 million, its latest financial results showed.
According to the group's interim half year results ended 30 June 2021, Kerry Group reported that revenue in the period increased by 4.9% to €3.6 billion, reflecting a volume increase of 9.0%.
In a statement, the company 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 added.
It outlined that its 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.
“We are pleased with overall performance in the period, reflecting continued strong growth in our retail channel, with good progression and momentum in foodservice while lapping lower prior year levels," said Edmond Scanlon, chief executive officer.
"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. A number of our end use markets had strong category development in the period, with Beverage in particular achieving excellent growth," he said.
Evolved Portfolio
Scanlon noted that the group had some notable strategic developments this year as it continued to evolve its's portfolio.
The group announced the acquisition of Niacet, which Scanlon said, "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."
"These transactions will further enhance Kerry's position as a market-leading taste & nutrition company," he said.
"Our performance through the period gives us continued confidence in our full year outlook, while recognising the inherent uncertainty that will remain in many regions through the remainder of the year. Our earnings guidance range has been updated as a result, and we have also reflected the expected impact from portfolio developments,” Scanlon added.
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