Taste and nutrition firm Kerry Group has reported a 18.0% increase in group revenue in its 2022 financial year, to €8.8 billion.
The Irish firm said that growth was 6.1% driven by volume and 11.7% by pricing in the period, which marked its 50th year in business.
Group EBITDA increased by 12.9% to €1.2 billion, with an EBITDA margin of 13.9%, with the impact of passing through input cost inflation partially offset by accretion from portfolio developments, operating leverage, mix and efficiency initiatives.
Kerry's Taste & Nutrition arm reported 7.8% volume growth and 8.7% pricing growth, while its Dairy Ireland business reported flat (+0.2%) volume growth, with pricing up 36.0%.
'Exceptionally Dynamic' Environment
"We achieved record organic revenue growth against the backdrop of an exceptionally dynamic operating environment," commented Edmond Scanlon, chief executive.
"I am proud of the broad-based volume growth we delivered across our end use markets, channels, regions and emerging markets despite the macroeconomic conditions. Our teams worked closely with our customers to actively manage through the inflationary environment, while continuing to innovate and develop their offerings to meet evolving marketplace needs."
Scanlon added that he believes the business is "strongly positioned" to grow in 2023.
Kerry expects to achieve 3% to 7% adjusted earnings per share growth on a constant currency basis, before the dilution from the potential sale of the Sweet Ingredients Portfolio.
It added that it plans to continue to manage input cost fluctuations with its 'well-established pricing model', and invest capital 'aligned to its strategic priorities and strategically evolve its portfolio'.
© 2023 European Supermarket Magazine – your source for the latest A-brand news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
