Kerry Group shares increase, 7.3% revenue growth

Source: Stock Market Digital

Date :8/26/2008 4:35:34 AM

Despite the rising cost of materials, Kerry Group plc has posted sales of €2.36 billion for the six months ending June 2008.

Like-for-like trading profit increased to €175 million, and adjusted earnings per share rose to 62.8 cents, up 6.8 percent.

Kerry has weathered the rising cost of raw materials by passing on the increases to its customers, while the range of its products has also been an asset.

“Our business model is well equipped to deal with this sort of an environment,” said Chief Financial Officer Brian Mehigan.

"Building on the group's performance in the half year and the underlying prospects for our business in all regions, we expect a good outturn for 2008," said Chief Executive Stan McCarthy.

"The second half will be a challenge but as we said we are confident we can hit the numbers," added Mehigan.