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Kerry Group narrows FY'19 outlook after H1 adjusted EPS rises 8.4% YOY

Irish packaged food producer Kerry Group PLC on Aug. 8 narrowed its 2019 adjusted EPS guidance after reporting an 8.4% year-over-year increase in adjusted EPS for the first half.

The company said it expects adjusted EPS growth of 7% to 9% at constant currency, versus the previous guidance of 6% to 10% growth.

For six months ended June 30, adjusted EPS on a constant currency basis was 164.1 euro cents, an 8.4% increase from 151.4 cents in the year-ago period.

Adjusted earnings before taxes also rose to €331.1 million from €291.3 million in the previous-year period.

Group revenue came in 10.7% higher at €3.57 billion from €3.23 billion in the corresponding period of 2018. The growth was attributable to a 3.3% rise in volume driven by meat, snacks and beverage end-use markets, as well as an expansion in trading margin by 20 basis points.

The company said its board raised the interim dividend by 11.9% to 23.5 cents per share from 21 cents per share. The dividend is payable Nov. 15 to shareholders of record as of Oct. 18.

Kerry Group's shares were trading up 4.2% at €107.80 per share during afternoon trading in London.