Kerry Group 1st Half Pretax Profit, Revenue Rose; Backs 2022 Guidance

By Joe Hoppe

Kerry Group PLC said Friday that its first-half pretax profit rose on higher revenue and backed its full-year guidance.

The Ireland-based food company made a pretax profit of 265.1 million euros ($270.3 million) for the six months to June 30 compared with EUR262.9 million for the same period last year.

Revenue was EUR4.06 billion, up from EUR3.58 billion the prior year. This was driven by increased volumes and pricing, favorable foreign exchange rates and a contribution of 4.7% from acquisitions, it said.

Adjusted earnings per share for the period rose 9% on a constant currency basis to 176.4 European cents. The company backed its full-year guidance of adjusted earnings growth of 5% to 9% on a constant currency basis.

"While recognizing the marketplace is facing into a period of heightened uncertainty and volatility, this also presents significant opportunities. We remain confident in our outlook and are reaffirming our full-year earnings guidance," Chief Executive Edmond Scanlon said.

The board declared an interim dividend of 31.4 European cents compared with 28.5 European cents a year earlier.

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(END) Dow Jones Newswires

July 29, 2022 02:56 ET (06:56 GMT)

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