Kerry Group reports Strong Business Performance and Strategic Development
FY 2024 Key Highlights
- Group revenue of €8.0 (Revenue from continuing operations €6.9bn)
- Taste & Nutrition volume growth of +3.4% with Q4 +4.1% | Group volumes +3.3%
- Taste & Nutrition EBITDA margin +110bps | Group +120bps
- Group EBITDA increased by 7.4% to €1,251m (EBITDA from continuing operations +6.9% to €1,188m)
- Adjusted EPS of 467.5 cent – reflecting a 9.7% increase in constant currency (+8.7% reported currency)
- Basic EPS of 424.5 cent (2023: 410.4 cent)
- Free cash flow of €766m reflecting 95% cash conversion
- ROACE of 10.6% (+60bps)
- Final dividend of 89.0 cent per share (total 2024 dividend up 10.1% to 127.1 cent)
- Progress on sustainability commitments including nutritional reach to 1.36 billion consumers
- EBITDA margin target refreshed post completion of Kerry Dairy Ireland transaction
Edmond Scanlon, Chief Executive Officer, says: “We are pleased to report a strong performance across the year, with earnings per share growth of 9.7% reflecting continued volume progression in Taste & Nutrition and strong margin expansion across the business.
Volume growth was led by strong performance in the Americas through foodservice innovations and increased nutritional renovation across a broad range of customers, while APMEA delivered a good performance given market conditions and Europe progressed through the year.
We continued to strategically evolve our portfolio, including further developing our Biotechnology Solutions capability and the significant divestment of Kerry Dairy Ireland, which resulted in Kerry becoming a pure-play taste and nutrition company.
As we look to 2025, Kerry remains strongly positioned for good market outperformance due to our unique positioning with our customers as an innovation and renovation partner. We expect to deliver good volume growth and strong margin expansion, resulting in constant currency adjusted earnings per share growth of 7% to 11% after the dilution from the Kerry Dairy Ireland disposal”
See FY 2025 Outlook section for full guidance detail.
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Joseph Clarke
Editor, International Bakery
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