Kerry Group profit increases by 13%

Preliminary results for Kerry Group show profit has increased by 13 per cent to 349 million euro. Turnover at the global food company is in excess of four billion. Chief Executive of Kerry Hugh Friel says the company’s focus on innovation and technical development contributed strongly to a robust performance in the ingredients and flavour sector. In the last 12 months the company has spent 712 million on acquisitions.The Americas continue to be an important market for Kerry with an increase of 14 per cent in sales in the last year. However currency turbulence adversely impacted on profit translation. But it`s the Asia Pacific market that continues to show the most significant growth. Sales in this area grew 31 per cent in 2004 to 287 million euro. This was achieved by growth in seasonings and coastings in Australia and New Zealand and infant formula products in China and South East Asia. Despite difficulties in the Asian poultry sector sales of flavoured marinades, in the added value poultry areas also grew.