Food technology and ingredients company Kerry Group has reported lower revenues and after tax profits for the six months to the end of June as it announced updated financial targets up to 2030.
Kerry said its revenue fell by 3.7% to €3.336 billion from €3.463 billion the same time last year, while its profit after tax fell to €282.6m from €302.8m.
The company announced an interim dividend per share increase of 10% to 46.2 cent.
Kerry today updated its 2030 financial targets with 3-5% annual volume growth, which it said was based on confidence in its ability to continue outperforming food and beverage end markets.
The company said its volume growth remained significantly ahead of food and beverage end markets in the six month period, where key landscape dynamics included geopolitical uncertainty, continued consumer affordability challenges and heightened consumer focus on health and wellness.
“Customer innovation activity increased in many markets, orientated towards high growth areas including higher protein, proactive health and new format options, while customer renovation focus centred on addressing a variety of needs including enhancing taste, nutritional profiles, cost optimisation, and supply chain challenges,” it added.
Edmond Scanlon, Kerry’s chief executive, said the company delivered volume growth across all three regions, with strong growth and market outperformance in the Americas, a solid performance in Europe and good growth in APMEA.
“Our continued strong end market outperformance highlights the strength and relevance of our strategic positioning across our markets, channels and customer base,” he said.
“Our inbuilt business resiliency positions us well through this period of market uncertainty, and we remain strongly positioned for volume growth and margin expansion, underpinned by a good innovation and renovation pipeline,” he stated.
“Today we have updated our financial targets and earnings growth algorithm to 2030. Our revenue volume growth target range of 3-5% represents our confidence in continuing to deliver consistent strong market outperformance and is set in the context of current market conditions,” he added.
Breaking down its divisions, Kerry said that revenues in its Americas Region were up 3.7% to €1.818 billion, led by snacks, meat and beverages. It noted good performances in both North America and Latin America.
Revenue at its Europe Region edged 0.5% higher to €687m, with growth again led by beverage, dairy and snacks. Strategic investments in the region included expansion of Kerry’s proactive health capacity and capabilities in Spain.
Meanwhile, revenue at its APMEA Region rose 4.9% to €831m, with growth led by good volume increases in the Middle East and Africa, with China returning to growth a solid performance in SouthEast Asia.
Looking ahead, Kerry said its continued strong end market outperformance highlights the strength and relevance of its strategic positioning across its markets, channels and customer base.
“The group will continue to further advance its strategic business development, as it supports its customers as their key business development partner for innovation and renovation,” it said.
“While recognising current market uncertainty, Kerry’s remains strongly positioned for volume growth and margin expansion, underpinned by a good innovation and renovation pipeline. Kerry maintains its constant currency adjusted earnings per share guidance of 6% to 10% growth in 2026,” it added.
Kerry Group shares were lower in Dublin trade today.