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Kerry Group 'A' Shares (KYGA)

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Kerry confident about FY

17 Aug 11

LONDON (ShareCast) - 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.

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Market Data

Currency Euro
Price  104.60
Change Today  1.60
52 Week High  109.60
52 Week Low  85.60
Volume 75,516
Shares Issued 176.49m
Market Cap  18,461m


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