Kerry Group will pay shareholders a total dividend of 70.2 cent per share for 2018 – a 12% increase on the dividend payout made the previous year. Kerry announced it was increasing its annual dividend payout to shareholders as the company reported record sales and profits for its 2018 financial year on Tuesday.

Kerry Group reported sales of €6.6bn for 2018, an increase of more than 3% compared to the previous year. Kerry said this was driven by strong volume growth, particularly from acquisitions made during the year, which more than offset the negative impact of a weak sterling.

Trading profits at Kerry also increased by 3% during the year to €805.6m, as the group’s overall trading profit margin was maintained at 12.2%. Adjusted earnings before tax increased by 3% to hit €714m.

Kerry said profit margins in its Taste and Nutrition division increased to 15.1%, which offset a decline in profits from its consumer foods division.

The group said trading profits in its consumer division were negatively impacted by a weak sterling and fell by 7% last year to €100m.

“We are pleased with our performance in 2018, with volume growth well ahead of our markets, underlying margin expansion in line with expectations and adjusted earnings per share growth of 8.6% in constant currency,” said Edmond Scanlon, chief executive at Kerry Group.

Scanlon said he expects the company to deliver earnings per share growth of 6% to 10% for the coming year.