Kerry reports revenue and volume sales decline in 2023

By William Dodds

- Last updated on GMT

Edmond Scanlon took over as group CEO in October 2017. Credit: Kerry
Edmond Scanlon took over as group CEO in October 2017. Credit: Kerry

Related tags Finance

Global food and ingredients firm Kerry Group has reported its preliminary results for 2023, with revenue down 8.6% to just over €8m (£6.8m).

For the 12 months to 31 December 2023, group volumes declined by 0.9% and group prices were reduced by 0.7%.

Volumes within the Taste & Nutrition division increased by 1.1%, this was offset by a 6.5% volume decline for the Dairy Ireland business unit.

Meanwhile, group EBITDA for year was €1.2m (£1m), which was also down compared with 2022.

The group said the demand landscape throughout 2023 was characterised by market dynamics including customer destocking, shrinkflation and the impact of inflation on consumer spending habits.

Commenting on the results, Kerry chief executive Edmond Scanlon said that given the market dynamics at play throughout the year, the group delivered a “solid performance​”.

Scanlon continued: “Overall Taste & Nutrition volume growth represented an outperformance of our markets. APMEA and Europe achieved good volume growth led by a strong performance in the foodservice channel, while volumes in North America were impacted by stocking dynamics and softer market conditions. Dairy Ireland performance reflected challenging market conditions across the year. We were pleased with our good progress in expanding our EBITDA margin and reporting strong free cash flow generation.”

Looking at the group’s investment record, Scanlon said it had looked to develop the business in line with its “strategic priorities​”.

This included the expansion of our taste capabilities and footprint across our regions, further development of our nutrition portfolio, and broadening our emerging markets presence​,” he added.

“This progress builds on our significant recent strategic portfolio developments and geographical expansion, strongly positioning Kerry for market outperformance and good margin progression in the coming years. As we begin 2024, Kerry’s innovation pipeline is strong, though overall consumer market volumes remain relatively muted, which is reflected in our guidance for the year of 5% to 8% adjusted earnings per share growth in constant currency.”

In other news, plant-based food manufacturer MYCO is planning to launch its first range of products at the end of March 2024 after securing £1.5m in investment.

Related topics Dairy Operations

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