KERRY, IRELAND — EBITDA and revenue at Kerry both increased 13% in the first half of the fiscal year when compared to the first half of 2021.
“We are pleased with our overall performance and business momentum across the first half of the year despite inflationary challenges and geopolitical volatility in places, in what remains a highly dynamic marketplace,” said Edward Scanlon, chief executive officer of the company based in Ireland. “Volume growth was very strong in both retail and foodservice channels, driven by an increased level of innovation activity. This growth was broad-based across our regions, led by excellent performances in beverage, meat and bakery end-use markets in particular.”
EBITDA came in at €517.7 million ($528.1 million), up from €457.9 million. Benefits from operating leverage, mix, efficiencies and portfolio development primarily drove the increase, which was offset partially by the impact of passing through raw material cost inflation.
Revenue increased to €4.06 billion ($4.14 billion) from €3.58 billion. Volume increased nearly 7%. Pricing was up over 8%.
Within Kerry’s Taste & Nutrition segment, revenue increased 5.2% to €3.45 billion ($3.52 billion). Demand for Kerry’s range of food-waste solutions increased while plant-based ingredients grew in sales as well. In the Americas region, beverage, meat and bakery powered volume growth of 9% in Taste &Nutrition. Revenue in the Americas region increased 29% to €1.93 billion.Within Kerry’s Dairy Ireland segment, revenue of €695 million in the first half of the year was up 2.2%.