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Kerry’s First-Half 06 Results

Posted: September 13, 2006

Kerry Group plc (Tralee, Ireland) has reported first-half 2006 (ended June 30, 2006) sales revenue growth of 7% to €2,265 million. Like-for-like revenue growth was 3.5%, with operating income up 1.9% to €216 million. Total group sales revenue throughout European markets grew by 5.2% to €1.5 billion. In American markets, the group’s ingredients and flavors businesses increased sales revenue by 10.9% to €635 million. Sales revenue in Asia Pacific markets grew by 9.1% to €174 million.

Of the results, Kerry Group chief executive Hugh Friel said, “As previously signaled, the first six months of 2006 have proved extremely challenging. The delay in recovering the significant energy related cost increases slowed growth during the period. However, we have full confidence in our growth strategies and our longer term growth performance will benefit from critical attention to on-going cost recovery programs, supply chain efficiencies, increased investment in product innovation and asset optimization—including elimination of non-core activities.”