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Kerry Half-Year Results; McCarthy to Succeed Friel

Posted: September 4, 2007

Kerry Group plc (Tralee, Ireland) has reported half-year 2007 (ended June 30, 2007) sales revenue growth of 5.6% to €2,332 million. Kerry’s food ingredients business achieved total sales revenue of €1,611 million, an increase of 4.1%. Total group sales revenue throughout European markets grew by 4% to €656 million. In American markets, the group’s ingredients and flavors businesses increased sales revenue by 6% to €644 million. Sales revenue in Asia Pacific markets grew by 14.3% to €199 million.

Of the results, Kerry Group chief executive Hugh Friel said, “During the first half of 2007, Kerry delivery solid organic growth across all Group businesses and territories. Group food ingredients and consumer foods businesses generated 5.6% organic growth and 20 basis points margin improvement. We have successfully managed continued input cost inflation through cost recovery and business efficiency programs and expect a good outturn for the full year.”

In other news, the board has announced that Friel, who become chief executive of the Group in January 2002, will retire as chief executive on December 31, 2007. Stan McCarthy has been appointed chief executive designate to succeed Friel. McCarthy has been an executive director of the Group since 1999 and is currently president and CEO of Kerry Ingredients Americas.