Kerry has reported robust results for the first half of the year, with significant growth in revenue, margins, and earnings. The highlights of the H1 performance are as follows:
Group revenue reached €3.9 billion.
Taste & Nutrition volume growth of 3.1% in Q2, contributing to a group volume increase of 1.7%.
Taste & Nutrition EBITDA margin increased by 130 basis points, with the Group's margin improving by 160 basis points.
Dairy Ireland reported an EBITDA of €35 million, up from €29 million in H1 2023.
Group EBITDA rose to €552 million, compared to €518 million in the same period last year.
Adjusted EPS grew by 9.1% on a constant currency basis, with a reported currency growth of 7.8%, reaching 194.1 cent.
Free cash flow was robust at €445 million, reflecting a cash conversion rate of 131%.
Interim dividend per share increased by 10.1% to 38.1 cent.
Share repurchases amounted to €279 million in H1, with plans to initiate a further program.
Full-year constant currency adjusted EPS guidance has been updated to a range of 7% to 10%.
Edmond Scanlon, chief executive officer, commented, “We are pleased to report a good performance across the first half of the year. Taste & Nutrition delivered good volume growth ahead of our end markets, with strong profit growth and margin expansion across the business, contributing to our earnings per share growth of 9.1% in the period.
Taste & Nutrition volume growth was led by strong performances in the foodservice channel across all three regions, as we continue to support established foodservice chains evolve and develop their businesses, while working with emerging leaders to upscale their operations and offerings. Volume growth in the retail channel was driven by good performances in the Americas and APMEA, led by very strong growth in Snack applications with Kerry’s leading range of savory taste profiles and Tastesense salt-reduction technologies.
From a capital allocation perspective, we continued to invest to support the organic development of our business, while also completing the Lactase enzymes business acquisition and progressing our share repurchase activity through the period.
Given the strength of our financial performance and our innovation pipeline, today we are updating our full-year constant currency adjusted earnings per share guidance to 7% to 10%."
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