Kerry Regulatory News (KYGA)

19 May 2006 14:00

Kerry Group PLC19 May 2006 Press Announcement Updating Statement : Annual General Meeting : Kerry Group plc 19 May, 2006 Kerry, the global ingredients, flavours and consumer foods group, held itsAnnual General Meeting in Tralee, today. In reviewing the Group's twentieth year as a public company, Hugh Friel, ChiefExecutive, said that in 2005 Kerry continued to perform well, delivering goodrevenue and profit growth in a challenging year for the global food industry."Sales revenue increased by 7% to €4.43 billion, reflecting like-for-like growthof 4%. Despite significant input cost inflation and a surge in energy costs,trading profit in 2005 increased to €380m, which contributed profit aftertaxation of €236m and a 7.1% increase in adjusted earnings per share to 131.6cent," he added. Turning to 2006, Mr Friel said; "Group businesses are performing ahead of lastyear but energy cost inflation, the weakening dollar and the volatility of rawmaterial prices may impact on the attainment of Group earnings targets for thefull year. Against this challenging background we continue to make goodoperational progress in optimising processing and business support structuresand through elimination of non-core activities". He added that the Group'sstrong nutritional focus, leveraging Kerry's ingredients, bio-science, flavoursand food technology platforms through its broad customer base, augured well forthe long-term profitable growth of Group businesses. He also confirmed thatthe Group continues to explore bolt-on acquisition opportunities, havingrecently announced the acquisition of two North American food ingredientsbusinesses - Custom Industries and Nuvex Ingredients. Custom Industries,operating from two modern manufacturing facilities located in St. Genevieve,Missouri and Toronto, Canada, is a leading manufacturer of particulates forbakery and ready-to-eat cereal applications and confectionery ingredients forsweet goods. Nuvex Ingredients operates from a state-of-the-art, organicallycertified, production facility located in Blue Earth, Minnesota, specialising incustomised high-protein and fibre nutritional lines for leading manufacturers ofbreakfast cereals, functional foods and nutritional snacks. ends For further information please contact : Telephone: + 353 66 718 2304Frank Hayes, Fax: + 353 66 718 2972Director of Corporate Affairs, Email: corpaffairs@kerry.ieKerry Group plc. Website: www.kerrygroup.com This information is provided by RNS The company news service from the London Stock Exchange