Irish food and ingredients firm Kerry has seen its revenue increase by almost 5%, topping the €3 billion mark for its first-half results.
The group’s taste & nutrition division showed 4.2% volume growth, while consumer foods demonstrated a 2.3% volume growth with trading profit increasing by 5.2% to €338 million.
However, the company’s outgoing chief executive Stan McCarthy, who will be replaced by Edmond Scanlon, has warned that full-year profits will be lower than expected due to ‘significant adverse currency movements’.
The maker of Irish butter, cheese and sausages has been feeling the impact of currency movements since Brexit, which sent sterling tumbling and has left the currency volatile ever since.
McCarthy said: “Against a background of significant adverse currency movements, we achieved a strong overall business performance in the first half of 2017, outperforming market growth rates.”
© FoodBev Media Ltd 2017