March 1, 2007

Kerry profits rise
 

Irish based international food ingredients and consumer foods group, Kerry, saw sales rise last year by 4.9 percent to Euro 4.65 billion.

Trading profit for the year rose to Euro 384 million with earnings before interest, tax, depreciation and amortization up to Euro 487 million.

Kerry CEO Hugh Friel said the company was able to withstand the challenges in 2006, their most difficult year so far.

Friel expressed confidence of a good performance in 2007 and will fulfil market expectations.

Kerry's consumer foods sector, which includes ready meals, prepackaged cooked meats, sausage, cheese and spreads, grew during 2006.

However, difficulties in the primary poultry and frozen foods categories hit performance and trading profits in the division.

Sales revenue rose by 5.4 percent to Euro 1.82 billion, but trading profit fell by 4.5 percent to Euro 118 million.

However, the company sold off the primary poultry business at the end of the year to a management buy out, and Kerry said it is now confident of growth in the sector.

In the UK, Kerry said that the sausage market benefited from a rise in sales of 4.6 percent.