Shares up at Kerry Foods after profit growth
Shares in Irish ingredients giant Kerry Foods have risen this morning on the back of a milestone €501m trading profit.
The County Kerry-based company revealed its year-end results yesterday, announcing the "record" trading profit alongside a 6.9 per cent boost in revenue.
This morning (22 February), shares increased 0.22 per cent to 31.06 pence each.
At 31 December 2011, income grew to €5.3bn. During the year, Kerry Foods invested more than €167m in research and development.
However, the global company's Irish brands – including the added value meat products – lost some market share in 2011.
Kerry attributed this to the level of promotional activity in the marketplace and low pricing from private label and discounter offerings.
Dairygold managed to maintain its number one brand position in the Irish spreads market, said the company.
Kerry Goup's chief executive Stan McCarthy said the company was now confident of achieving its growth objectives for 2012.
"Kerry delivered good profitable growth in 2011 despite weak consumer confidence in many markets and significant raw material and input cost inflation," he said. "The group performed well across developed and developing markets while continuing to build our capabilities and positioning for the future.
"We are confident of achieving our strategic growth objectives for 2012 and expect to achieve seven to ten per cent growth in adjusted earnings per share to a range of 228 to 235 cent per share (2011: 213.4 cent)."
