Irish food giant Kerry's half-year sales soar to £2.9bn
Coleraine Cheddar owner Kerry Group has seen its sales rising by 4.8% to €3.2bn (£2.9bn) during the first half of the year. Kerry Group owns six facilities in Northern Ireland, including Henry Denny & Sons in Portadown, Golden Cow in Craigavon and Dairy Produce Packers in Coleraine, makers of Coleraine Cheddar.
The firm saw revenue rising by 4.8% year-on-year, in the six months to 30 June, according to the company's interim management report.
The increase was driven by strong organic growth and price increases.
Despite what the company described as "significant adverse currency movements" and increased raw material pricing, trading profit at the group increased by 5.2% on the same period last year to €338.4m (£306.6m)
Trading margins were maintained at 10.6%.
During the period business volumes grew by 3.8%, compared to the same period in 2016, reflecting a good performance in American markets, an improved performance in the European, Middle East, and African regions and double digit growth in the Asia-Pacific region. However, Kerry was not immune to currency fluctuations, which contributed to an adverse 1% translation impact and an adverse 0.4% transaction currency impact to revenue relative to the same period last year.
Breaking down the results by business segment, the company's taste and nutrition business delivered strong growth of 4.2% in business volumes, while pricing increased by 1.7%.
In 2016, while the company's revenue was virtually unchanged on 2015 at €6.1bn (£5bn), it reported business volume growth jumped 3.6%.
It made a €750m (£635m) trading profit last year, which was 7.1% higher than in 2015.
Kerry Group, which is headed by chief executive Stan McCarthy, generated €4.88bn (£4bn) of its revenue from its taste and nutrition division last year.