International taste and nutrition company Kerry has reported that its revenue in the first half of 2023 has increased by 1.6% to €4.1 billion.
The increase in H1 reflects a business volume growth of 0.6%, pricing of 4.5% and a contribution from acquisitions of 1.1%, and was partially offset by the effect of disposals of 4.5% and adverse translation currency of 0.1%.
Group earnings before taxes, depreciation and amortisation (EBITDA) in H1 came to €518 million, an increase of €300,000 from H1 2022’s EBITDA of €517.7 million.
During H1 Kerry acquired Proexcar S.A.S, a Colombian food ingredients company, and Greatang, a food business based in Shanghai.
Taste and Nutrition
Kerry’s Taste and Nutrition division reported a revenue of €3.5 million, increased by 2.7% by volume growth and positive pricing. Growth was primarily led by food across the dairy, snacks and meat sectors, seeing strong performances in the UK and Ireland.
Its Europe region saw a volume increase of 4.6%, with Kerry reporting “excellent growth” in food channels, and a solid performance from the retail channel.
Supporting future growth
Edmond Scanlon, CEO of Kerry, said: “We delivered a good performance in the first half of the year recognising varying conditions across our markets. Strong volume growth was achieved in APMEA and Europe led by our performance in the foodservice channel, while North America saw customers work through elevated inventory levels. We continue to see good levels of customer innovation activity, and our margins reached an inflection point in the second quarter.
“We also made good strategic progress, particularly in executing on our emerging markets strategy with significant acquisitions and investments across APMEA and LATAM. With Kerry’s strong local footprint and track record of growth across emerging markets, these complementary strategic developments will support our future growth ambitions.
“While recognising current market conditions, we remain strongly positioned for growth and reiterate our full year constant currency earnings guidance.”
