Food group Kerry has reported a 5.2 per cent rise in first-half profits despite a 3.2 per cent dip in sales.
The group announced this morning that profit before tax and non-trading items amounted to €136.8 million while like-for-like sales totalled €2.27 billion.
Trading profit increased to €180 million over the first six months of 2009, up 4 per cent on the same period a year earlier.
Adjusted earnings per share were up 7 per cent to 67.2 cents while basic earnings per share decreased from 60.1 cents to 53.5 cents
Profit after tax before intangible asset amortisation and non-trading items increased by 7.2 per cent to €118 million.
Kerry's consumer foods division reported revenue of €857 million, down 7.7 per cent on the same period a year earlier. Trading profit was unchanged at €57 million.
The group has increased its interim divided by 11.6 per cent to 7.7 cents.
Kerry chief executive Stan McCarthy said group trading profit margin increased by 60 basis points, with ingredients and flavours contributing a 60 basis points improvement and consumer foods achieving a 30 basis points margin improvement in a highly competitive market.
He said earnings for the full year to increase to the upper end of the range of 160 to 165 cent per share forecast at the start of 2009.
