Kerry sees FY at upper range of forecasts

Kerry, Ireland's biggest food company, reported a 4% increase in first half trading profit and said it expects full year earnings to be in the upper range of forecasts. Trading profit increased to €180m for the half year ended 30 June 2009. Revenue fell to €2.3bn from €2.4bn previously with a profit margin of 8%.Commenting on trading, Kerry said the global recession has caused consumers to look for cheaper food and beverages, but the group still expects to increase its profit margins this year.Looking ahead the group said, "We expect earnings for the full year to increase to the upper end of the range of 160 to 165 cent per share forecast at the start of the year."An interim dividend of 7.7 cent per share has been recommended, up 11.6% from last time.