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Kerry Group has reported a bump in profits for last year ahead of the sale of its dairy business at the end of December.
The Irish ingredients maker said pre-tax profits rose 8% to €932m in the year to 31 December despite price cuts making a small dent in revenue.
Total sales – including the dairy business – fell 0.4% to €7.98bn, roughly in line with expectations. Volumes were up 3.3% while pricing fell 1.9%.
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Morning update
British wage growth accelerated at the end of last year, raising fears that the Bank of England will opt to keep interest rates high through 2025.
Official figures show average weekly regular earnings were 5.9% higher in the three months to December than a year earlier, up from 5.6% in the three months to November. The figure was in line with economists’ expectations.
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