Ingredients company Kerry Taste & Nutrition has published its financial results for the first half of 2024.
Kerry reported a volume growth of 3.1%, which it said was ahead of end markets, achieving a total revenue of €3,419 million in H1.
In Europe, H1 revenue reached €708 million, which Kerry said reflected “strong comparatives and market conditions, particularly in the retail channel given recent inflation across the region”. Europe’s volume decreased by 1%, which the company also attributed to “strong comparatives”.
It said its Foodservice category “continued to deliver good growth” supported by launches in meat applications with a number of customers, combined with increased seasonal and limited time offering activity across the region.
Edmond Scanlon, CEO of Kerry Taste & Nutrition, said: “We are pleased to report a good performance across the first half of the year. Taste & Nutrition delivered good volume growth ahead of our end markets, with strong profit growth and margin expansion across the business, contributing to our earnings per share growth of 9.1% in the period.
“Taste & Nutrition volume growth was led by strong performances in the foodservice channel across all three regions, as we continue to support established foodservice chains evolve and develop their businesses, while working with emerging leaders to upscale their operations and offerings.
“Given the strength of our financial performance and our innovation pipeline, today we are updating our full year constant currency adjusted earnings per share guidance from 7% to 10%.”
