Kerry to continue on the acquisition trail
The Group is making good operational progress and continues to benefit from technology developments and innovation in its core product areas, their Chief Executive reported.
26/05/05 Kerry has stated that the Group expects to perform in line with market earnings expectations for the year 2005. Chief Executive Hugh Friel reported that trading to date in 2005 was satisfactory and that he expects a good out-turn for the full year, notwithstanding the challenging market environment. He also indicated that acquisitions will follow.
“The Group is making good operational progress and continues to benefit from technology developments and innovation in its core product areas,” Mr Friel said. “We are achieving solid operational and business enhancements, in particular as a result of the Group’s continuing capital expenditure programmes which I expect will yield further improvements in business efficiencies in the medium term. Kerry continues to explore complementary acquisition opportunities,” he added.
Speaking at the Annual General Meeting, Brian Mehigan, Chief Financial Officer, referred to the impact of the changes to accounting policies and a restatement of the Group’s 2004 reported results. Mr Mehigan said; “While the restatements have a relatively minor net impact on the adjusted earnings per share of the Group (negative 0.8 cent) and a zero impact on operating cash flows, the restatements do have an impact on a number of other line items.
"The most significant of these is an increase in profit after tax and basic earnings per share by €58m and 31.3 cent respectively due primarily to the significant reduction in the amortisation charge in the Consolidated Income Statement. In addition, the net assets of the Group have decreased by approximately €76m mainly as a result of the adoption of IAS 19 ‘Employee Benefits’ which requires the placing of the previously disclosed net pension deficit on the Consolidated Balance Sheet.”
www.kerrygroup.com
