Parent firm of Coleraine cheese reveals revenue down 5.9% in first half of year
Kerry Group, operator of dairy processing sites in Portadown, Coleraine and Omagh, has reported revenue of £3.2billion in the first six months of 2024 down from £3.47billion last year
Kerry Group, the parent company of Coleraine cheddar, has reported revenue of €3.9billion (£3.2bn) in the first six months of 2024, which is down by 5.9% compared to the same period last year (€4.12bn£3.47bn).
The company, operator of dairy processing sites in Portadown, Coleraine and Omagh, said that group revenue comprised volume growth of 1.7%, pricing deflation of 4%, unfavourable translation currency of 0.9% and the effect from disposals net of acquisitions of 2.7%.
However, group EBITA (operating profit before interest, tax, amortisation of goodwill and other intangibles and exceptional items) increased by 6.6% to €552 million (H1 2023: €518 million).
The financial review, published today (Wednesday), shows that profit after tax in the first six months of the year was €291.5 million, compared to €357.9 million in H1 2023.
The firm’s Taste and Nutrition division reported volume growth of 3.1% in the period resulting in revenue of €3.4 billion against a 3.1% fall in pricing.
Kerry Group chief executive Edmond Scanlon, said: "We are pleased to report a good performance across the first half of the year. Taste & Nutrition delivered good volume growth ahead of our end markets, with strong profit growth and margin expansion across the business, contributing to our earnings per share growth of 9.1% in the period.
"Taste & Nutrition volume growth was led by strong performances in the foodservice channel across all three regions, as we continue to support established foodservice chains evolve and develop their businesses, while working with emerging leaders to upscale their operations and offerings.
"Volume growth in the retail channel was driven by good performances in the Americas and APMEA, led by very strong growth in Snack applications with Kerry's leading range of savoury taste profiles and Tastesense® salt-reduction technologies."
He added: "From a capital allocation perspective, we continued to invest to support the organic development of our business, while also completing the Lactase enzymes business acquisition and progressing our share repurchase activity through the period.
"Given the strength of our financial performance and our innovation pipeline, today we are updating our full year constant currency adjusted earnings per share guidance to 7% to 10%."