Kerry Group Company downsizes its growth outlook
Group trading margin maintained at 10.6%, Taste & Nutrition +20bps to 13%, Consumer Foods -70bps to 7.6% and Adjusted EPS up 7.5% to 143.8 cent. Basic EPS of 127.6 cent (H1 2016: 126.4 cent), Interim dividend per share increased by 11.9% to 18.8 cent and free cash flow of €357m (US$418m) (H1 2016: €379m (US$444.5m)).
Retail and foodservice channel disruption and expansion, coupled with the growth of e-commerce and demand for convenience plus localized taste preferences benefited Kerry’s unique Taste & Nutrition business model and differentiated consumer-led innovation network.
Increased consumer demand for “better-for-you”, balanced nutrition and health offerings provided a strong platform for growth through Kerry’s market leading clean label solutions across all end-use markets and foodservice channels. Growth in out-of-home consumption drove strong business development in the foodservice sector.
The Group says that is maintained a strong overall business performance in the first half of 2017 despite significant adverse currency movements and increased raw material pricing.