Kerry confident about FY

17th Aug 2011 07:39

Irish food company Kerry said it remains confident of achieving full year targets, despite rising costs, as it delivered a 9.1% increase in first half pre-tax profit.Adjusted pre-tax profit rose to €183.5m for the half year ended 30 June 2011 from €168m before. Like for like trading profit increased by 6.1% to €214m. Revenue for the six month period increased 9.6% to €1.97bn."Kerry delivered strong volume growth and a solid earnings performance in the first half of 2011 despite significant raw material and input cost inflation," said chief executive Stan McCarthy. Raw material increased by 11% costs during the half year period from the same time a year earlier. Ingredients & Flavours volumes increased 4.1% and Consumer Foods saw 2% business volume growth. "The group remains confident of achieving its growth targets for the full year and delivering 8-12% growth in adjusted earnings per share as guided at the beginning of the year," it said in a company statement.An interim dividend of 9.8 cent per share has been offered, up 11.4% from the same period last year.