Kerry Group: Announces H1-2023 Financial Results

Tralee / IE. (kg) Continued volume growth and good overall performance characterized Irish Kerry Group’s first half of fiscal 2023. «We delivered a good performance in the first half of the year recognising varying conditions across our markets. Strong volume growth was achieved in APMEA and Europe led by our performance in the foodservice channel, while North America saw customers work through elevated inventory levels. We continue to see good levels of customer innovation activity, and our margins reached an inflection point in the second quarter,» says Chief Executive Officer Edmond Scanlon in his statement.

H1-2023 Summary

  • Group revenue of EUR 4.1 billion representing 5.1 percent organic growth
  • Group volumes +0.6 percent (Q2: +1.0 percent)
    – Taste + Nutrition +1.4 percent (Q2: +1.6 percent)
    – Dairy Ireland -2.5 percent (Q2: -0.5 percent)
  • Group pricing +4.5 percent (Q2: +1.4 percent)
  • Group Ebitda of EUR 518 million (H1-2022: EUR 518 million)
  • Group Ebitda margin -20bps (Q2: +20bps)
  • Adjusted EPS of 180.0 cent – up 2.1 percent on a constant currency basis
  • Basic EPS of 201.7 cent (H1 2022: 128.4 cent)
  • Free cash flow of EUR 232 million reflecting 73 percent cash conversion
  • Interim dividend per share of 34.6 cent (H1 2022: 31.4 cent)
  • Full year EPS guidance reaffirmed

Edmond Scanlon: «We also made good strategic progress, particularly in executing on our emerging markets strategy with significant acquisitions and investments across APMEA and LATAM. With Kerry’s strong local footprint and track record of growth across emerging markets, these complementary strategic developments will support our future growth ambitions. While recognising current market conditions, we remain strongly positioned for growth and reiterate our full year constant currency earnings guidance.» For additional information please read the company’s PDF file below (205 KB):