Kerry Group has reported an 18.0% increase in 2022 group revenue, amounting to €8.8 billion, with growth driven by a 6.1% increase in volume and an 11.7% increase in pricing.
Kerry's EBITDA rose by 12.9% to €1.2 billion, with an EBITDA margin of 13.9%, which was partially offset by accretion from portfolio developments, operating leverage, mix, and efficiency initiatives.
Performance By Division
Kerry's Taste & Nutrition division reported volume growth of 7.8% and pricing growth of 8.7%, while the company's Dairy Ireland business saw flat volume growth of 0.2%, with pricing up 36.0%.
The company said that it worked closely with its customers to manage through the inflationary environment while continuing to innovate and develop its offerings to meet evolving marketplace needs.
Kerry Group expects to achieve 3% to 7% adjusted earnings per share growth on a constant currency basis, before the dilution from the potential sale of the Sweet Ingredients Portfolio.
'Record Growth'
"We achieved record organic revenue growth against the backdrop of an exceptionally dynamic operating environment," commented Edmond Scanlon, chief executive.
"I am proud of the broad-based volume growth we delivered across our end use markets, channels, regions and emerging markets despite the macroeconomic conditions. Our teams worked closely with our customers to actively manage through the inflationary environment, while continuing to innovate and develop their offerings to meet evolving marketplace needs."
Scanlon added that he believes the business is "strongly positioned" to grow in 2023.
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