Kerry Group Reports “Solid” Financial Performance in First Half
04 Aug 2016 --- Kerry Group has reported that revenues were up 3.2 percent to €3bn ($3.3bn) in the first half, as it warns that the UK's decision to leave the EU has "weakened" consumer confidence.
The Irish food group has reported trading profits were up 7.4 percent to €322m ($359m) in the first half, despite the impact of currency headwinds.
Kerry Group has previously said that because of the balance of its business, selling to over 140 countries, that the impact of Brexit on its business is "largely neutral".
In its trading update today, it said: "While it is too early to quantify the longer term implications of Brexit, the Group recognises the broader macroeconomic uncertainty caused by the UK electorate voting to leave the European Union.”
“Consumer confidence has weakened as a result of this uncertainty but Kerry remains confident that our business is well positioned to address the challenges and opportunities that this decision may present."
Commenting on the trading update, Kerry Group chief executive Stan McCarthy said: “Despite the challenging market landscape we delivered a solid financial performance in the first half of 2016, with continued margin expansion, strong cash generation and a 7.5 percent increase in adjusted earnings per share. “
“While we are confident of delivering an underlying trading performance in the full year as previously guided; taking into account the increased currency headwinds of 5% at current exchange rates, growth in adjusted earnings per share in 2016 is expected to be towards the middle to lower end of the six percent to 10 percent range of 320 to 332 cent per share”.
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