Kerry Group has reported sales worth €4.1 billion, an organic revenue increase of 5.1%, in the first half of its financial year.
According to the global food ingredient company's latest financial results, the group delivered a good performance in the first half of the year recognising varying conditions across its markets.
The group reported a €518 million earnings before interest, taxes, depreciation and amortisation (EBITDA) margin for the period.
Kerry Group's Taste & Nutrition division showed a 1.4% volume increase and its Dairy Ireland arm showed a 2.5% volume decrease, its first half figures showed.
Commenting on the results Edmond Scanlon, chief executive officer, said that Kerry Group continues to see good levels of customer innovation activity, and its margins reached an inflection point in the second quarter.
Read More: Kerry Group Reports 10.3% Revenue Increase In First Quarter
Inflection Point
Kerry Group noted that strong volume growth was achieved in APMEA and Europe led by its performance in the foodservice channel, while North America saw customers work through elevated inventory levels.
"We also made good strategic progress, particularly in executing on our emerging markets strategy with significant acquisitions and investments across APMEA and LATAM," he added.
"With Kerry’s strong local footprint and track record of growth across emerging markets, these complementary strategic developments will support our future growth ambitions.
"While recognising current market conditions, we remain strongly positioned for growth and reiterate our full year constant currency earnings guidance.”
Sweet Ingredients Portfolio
In April, Kerry Group noted that at the end of its first quarter, the group completed the sale of the trade and assets of its Sweet Ingredients Portfolio to IRCA.
Read More: Kerry Group Reports 10.3% Revenue Increase In First Quarter
