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Kerry reports fall in annual profit on lower volumes; raises dividend
StockMarketWire.com
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Food company Kerry raised its dividend and reported a fall in annual profit as revenue was hurt by weaker volumes in the first half of the year.
For the year ended 31 December, pre-tax profit fell to €635.3 million from €645.9 million year-on-year as revenue decreased 4% to €7 billion.
Volume declined of 2.9% in the year, though the overall performance reflected a 'strong recovery since April with a return to volume growth of 2.2% in the fourth quarter,' the company said.
The final dividend per share declared was 60.6 cent, taking the total dividend to 86.5 cent, up 10.1% year-on-year.
'Looking to the year ahead, within taste & nutrition, we see strong growth prospects in the retail channel, with continued recovery in foodservice, underpinned by a very good innovation pipeline and strong customer engagement,' the company said.
'The shorter-term impact from COVID-19 will continue through Q1, where we are expecting flat to positive volume growth in this quarter, with an overall outlook for strong recovery and good growth in the full year,' it added.
At 8:41am: (LON:KYGA) Kerry Group PLC share price was 0p at 117.8p
Story provided by StockMarketWire.com
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