Kerry Group has reported group revenue of €7.98 billion for 2024, and it noted that it remains well positioned for a strong 2025 performance.
The results, published today, show that the group earned €673 million in profit after tax in 2023 – down from €728 million in 2023.
It declared a final dividend of 89 cent per share, while its total dividend for 2024 went up by 10.1%, to 127.1 cent.
Kerry Dairy noted that, despite some of its markets remaining subdued, 2024 marked a return to normality when compared to recent years.
Results
The company saw overall volume growth of 3.3% and an overall pricing reduction of 1.9% in the 52 weeks ended 31 December 2024.
Group earnings before interest, tax and amortisation (EBITA) increased by 7.4%, to €1.25 million, with the margin increasing to 15.7%, driven by benefits from the Accelerate Operational Excellence Programme, portfolio developments, operating leverage, product mix, and the net effect from pricing.
The Taste & Nutrition sector of the company saw volume growth of 3.4% in the year, with a fourth-quarter lift of 4.1%.
The group also noted that foodservice performed well, with volume growth of 6.8% driven by menu innovations, seasonal products, and solutions designed to reduce operational costs and simplify processes.
It added that 1.8% growth in the retail channel reflected its strong performances in the Americas and APMEA.
Looking ahead, Kerry Group noted that it will continue to evolve strategically and develop its Taste & Nutrition portfolio in areas where it can create the most value.
It also noted that it expects to deliver good volume growth and strong margin expansion, with earnings strong enough to counteract the financial impact of the disposal of Kerry Dairy Ireland.
The company then announced in January that it had completed the first phase of the disposal on 31 December 2024.
‘Strongly Positioned’
Speaking about the results, the CEO of the Kerry Group, Edmond Scanlon, said, “We are pleased to report a strong performance across the year, with earnings-per-share growth of 9.7% reflecting continued volume progression in Taste & Nutrition and strong margin expansion across the business.
“Volume growth was led by [a] strong performance in the Americas, through foodservice innovations and increased nutritional renovation across a broad range of customers, while APMEA delivered a good performance, given market conditions, and Europe progressed through the year.
“We continued to strategically evolve our portfolio, including further developing our biotechnology solutions capability and the significant divestment of Kerry Dairy Ireland, which resulted in Kerry becoming a pure-play taste-and-nutrition company.
“As we look to 2025, Kerry remains strongly positioned for good market outperformance, due to our unique positioning with our customers as an innovation and renovation partner.
“We expect to deliver good volume growth and strong margin expansion, resulting in constant-currency adjusted earnings-per-share growth of 7% to 11% after the dilution from the Kerry Dairy Ireland disposal.”
Read More: Kerry Group Completes First Phase Of Kerry Dairy Sale To Co-Op
