Last Updated: Tuesday, May 13, 2008, 15:03

Consumer foods lift Kerry revenues

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Kerry Group, Ireland's largest food company, said sales have climbed in 2008 on gains at its ingredients and consumer-foods units and maintained its forecast for annual profit growth.

Kerry added as much as 3.1 per cent in Dublin this afternoon and at 2.55pm was trading at €20.00. This reduces the fall in Kerry’s share price over the year to date to 7.8 per cent.

Sales have gained 7.5 per cent this year at units owned at least 12 months, the Tralee-based company said today in a statement. Currency movements reduced reported revenue growth to 2 per cent.

The company has bought food-ingredient and flavor makers to hasten its transformation from an agricultural co-operative.

Takeovers will contribute to a planned doubling of sales in the coming five to six years, Stan McCarthy, who became chief executive officer at the end of 2007, has said this year.

Per-share profit will climb to between €1.51 ($2.33) and €1.55 in 2008, the company forecasts. Kerry issued the statement as its annual shareholder meeting takes place in Tralee today.

Bloomberg