Kerry Releases Preliminary Results for 2021

Kerry ended the year with increased group revenue, acquisitions and more.
Kerry ended the year with increased group revenue, acquisitions and more.

Kerry reports the following growth and business development findings for 2021, including recent acquisitions to strengthen their growing portfolio.

Highlights of the report include:

Related: Kerry Report: 2022 Global Taste Trends

  • Group revenue of €7.4 billion reflecting 8.0% volume growth, having increased by 5.7%.
  • Taste & Nutrition revenue increased by 9.0% to €6.3 billion in the year.
  • Consumer Foods volumes +6.0% (Q4: +7.1%).
  • Pricing of +1.2%.
  • Group EBITDA of €1.1 billion representing an EBITDA margin of 14.7%.
  • Group trading margin +40bps to 11.9%.
  • Group trading profit increased by 9.8% to €875.5m.
  • Adjusted EPS of 380.8 cent, up 12.1% on a constant currency basis.
  • Basic EPS of 430.6 cent (2020: 313.0 cent).
  • Free cash flow of €566m reflecting 84% cash conversion.
  • Final dividend per share of 66.7 cent (total 2021 dividend up 10.1% to 95.2 cent).
  • 2022 adjusted earnings per share guidance of 5% to 9% growth on a constant currency basis.
  • Constant currency adjusted earnings per share increased by 12.1% to 380.8 cent (2020: 9.4% decrease).
  • Basic earnings per share increased to 430.6 cent (2020: 313.0 cent).
  • Net capital expenditure amounted to €315m (2020: €311m) and research and development expenditure was €297m (2020: €282m).
  • The group achieved free cash flow of €566m (2020: €412m) representing cash conversion of 84% in the year.
  • Revenue in the Americas region increased by 4.9% to €3.2 billion in the year.
  • Revenue in the Europe region increased by 14.6% to €1.6 billion in the year.
  • Revenue in the APMEA region increased by 14.8% to €1.4 billion in the year.
  • Retail channel volume growth of 5.4% with foodservice growth of 18.0% against lower comparatives.
  • Consumer Foods reported revenue decreased in the year by 10.5% to €1.1 billion.

Edmond Scanlon, chief executive officer, said, “We ended the year on a strong note with excellent growth across our business. In 2021, we achieved strong overall growth across all regions with group revenue of €7.4 billion, driven by volume growth of 8.0%. In the Taste & Nutrition retail channel, we continued to deliver strong growth, while we achieved excellent growth in foodservice with business volumes in all regions above 2019 levels in the fourth quarter. This growth was well spread across our end use markets, with Beverage, Bakery and Meat delivering particularly strong performances. The year was important for Kerry from a strategic perspective. We continued to enhance our position as a market-leading taste and nutrition company with a number of strategic portfolio developments, while further enhancing our local footprint to support our growth ambitions, which we outlined as part of our strategic update at the Capital Markets Day in October. While recognizing that current market environment and inflationary pressures continue to present challenges across our industry, Kerry is stronger positioned and more resilient than ever as we enter a new strategic cycle. Our earnings guidance range for 2022 reflects the group’s strong growth prospects and the net effect of recent portfolio developments.”

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