Kerry H1 Profit Rises

Ireland-based food ingredients and flavor technologies provider Kerry Group has reported a 6.2% increase in its trading profit to E172.4 million for the first half of 2007, compared with E162.2 million for the same period in the previous year.

Total group revenue amounted to E2.33 billion for the period, reflecting a 5.6% growth in like-for-like sales relative to the first half of 2006.

Total sales revenue increased by 4.1% to E1.61 billion during the six months. The group delivered free cash flow of E75 million in the half, having spent E39 million on fixed assets, E64 million on seasonally affected working capital, E35 million on finance costs and E12 million on tax.

Hugh Friel, CEO, said: “During the first half of 2007, Kerry delivered solid organic growth across all group businesses and territories. The food ingredients and consumer foods businesses generated 5.6% organic revenue growth and 20 basis points margin improvement. We have successfully managed continued input cost inflation through cost recovery and business efficiency programs and expect a good outturn for the full year.”