The Kerry Group reported a 16.1 per cent increase in annual profits today and said it was on target for further growth.
The group said pre-tax profits were 173.2 million euros ($157.7 million) on sales of 296.2 million - in line with market forecasts.
Adjusted earnings per share were also in line, growing 16 per cent to 85.6 euros. Turnover rose 6.7 per cent to 2.62 billion euros.
Managing director Mr Denis Brosnan said Kerry had achieved solid growth in a year marked by global consolidation with improved operating margins in all its regional markets.
"The group's management, financial and operational resources are well-positioned to deliver our targets for future profitable growth," he said in a statement.
Despite a market welcome for the results, Kerry shares dropped 2.3 per cent to 13.40 euros in Dublin by 10:30 GMT, and were off over 1 per cent at £8.62-1/2 sterling in London.
Dealers said the figures were strong but the share price was falling back with other food stocks affected by Britain's foot-and-mouth disease crisis.