McCarthy, who has held the top job at the ingredients and consumer foods group since 2008, has announced his plan to retire at the end of September this year. The Group has announced that Edmond Scanlon, the current President and CEO of Kerry’s Asia Pacific business, has been appointed chief executive designate to succeed McCarthy on his retirement.

This announcement comes as Kerry Group reported another year of solid profit growth. Profit increased of 7.1% to €750m for the year ended 31 December 2016. The increase in performance was driven by the ingredients division where profits rose 8.1% to €716m. However, the consumer foods division dragged performance where profits fell 6.7% to €117m.

Revenues were largely unchanged (up 0.4%) at €6.1bn, reflecting a 3.6% growth in volumes. This was offset be currency headwinds of 4.1% and lower net pricing of 2.1%.

The rise in profits was helped by 4% lower raw material costs. Group margins increased 70 basis points 12.2%. The group delivered a record-free cashflow of €570m – an increase of €117m.

Ingredients

Kerry’s ingredients division, which accounts for 79% of the business, saw revenues increase 3.5% to €4.9bn. This reflected 4% growth in volumes while prices were back 2.1%. Margins increased 60bps to 14.7%.

The Americas region drove performance where revenues increase 12.2% to €2.6bn. Sales in Europe, Middle East and Africa declined.

Consumer foods

Despite the uncertainty and sterling devaluation which followed the Brexit vote, the group’s consumer foods division performed well.

It indicates that, given its well-established manufacturing footprint in the UK and in the Eurozone, it was very well positioned to deal with the potential challenges that Brexit may bring.

Revenues in the consumer foods division fell 9.7% to €1.3bn due to adverse currency movements. Volumes increased 2.1% in the consumer foods business, but was offset by prices falling 2%. Margins increased 30bps to 8.8%.

The board recommends a final dividend of 39.2 cent per share, an increase of 12% on the final 2015 dividend. Together with the interim dividend of 16.8 cent per share, this brings the total dividend for the year to 56 cent, an increase of 12% on 2015.

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