Kerry Group, an Ireland-based food company, announced that its pretax profit for the first half of the year has increased. The company also reaffirmed its guidance for adjusted earnings per share for the full year.
Strong Financial Performance
Kerry Group reported a pretax profit of 379.2 million euros ($416.5 million) for the first half of the year, surpassing the EUR265.1 million recorded in the same period last year. This robust performance can be attributed to the growth in revenue.
Revenue Growth
The company witnessed a rise in revenue, reaching EUR4.12 billion compared to EUR4.06 billion in the corresponding period of the previous year. This increase reflects an impressive organic growth rate of 5.1%.
Strengthened Pricing
Kerry Group experienced a significant improvement in group pricing. During the period, group pricing rose to over 4.5%, in contrast to the 1.4% growth recorded in the previous year.
Dividend Declaration
The board of Kerry Group has declared an interim dividend of 34.6 European cents per share, an increase from the 31.4 European cents declared in the previous year.
Future Outlook
While acknowledging the current market conditions, Chief Executive Edmond Scanlon stated that the company remains well-positioned for future growth. Kerry Group anticipates achieving a 1% to 5% growth in adjusted earnings per share for 2023 on a constant currency basis. However, this includes an expected net 2% dilution resulting from portfolio developments. Additionally, the company expects foreign exchange translation to pose a headwind of approximately 4% on earnings for the full year.
Kerry Group continues to exhibit positive momentum as it delivers strong financial results and sets ambitious growth targets.
Our Latest News
British American Tobacco Reports Pretax Loss for 2023
BAT records significant £17.06 billion pretax loss for 2023, driven by write-down of traditional cigarette brands. Revenue from new categories increased.
Raiffeisen Bank International to Acquire Stake in Strabag
Raiffeisen Bank International (RBI) plans to acquire a stake in Austrian construction company Strabag, optimizing its portfolio and focusing on core markets. Th...
Trump's Legal Jeopardy: Impact on His Political Future
As Donald Trump faces multiple indictments and investigations, the impact on his political future remains uncertain. Can an indicted person run for president? W...