Food company Kerry said profit declined 28 per cent last year because of the weakening pound and higher costs.
Net income fell to €177 million ($225 million) from €246 million a year earlier, the Tralee, the company said today in a statement. Revenue was little changed at €4.8 billion.
Kerry, the maker of Wall’s sausages and Charleville cheese, raised prices to combat the higher price of raw materials such as dairy products, cereals and edible oils, leading some consumers to switch to lower-price products.
The euro’s rise against the pound and higher energy costs also hurt the food producer. The company says it is “confident” of earnings growth in 2009 of 160 cents to 165 cents per share.
Revenue rose 7.5 per cent at the company’s ingredients and flavours unit, and 5.4 per cent at its consumer foods business, the statement shows.