In its preliminary statement on 2021 results released this week, Kerry Group reports a 5.7% increase in group revenue to €7.4bn which was achieved with an 8% growth in volume for 2021.

This left an EBITDA of €1.1bn, a margin of 14.7%.

Kerry withdrew from production of consumer foods in 2021, selling that part of the business to Pilgrim’s Pride, which is controlled by JBS.

Kerry acquisitions included Niacet, a global leader in food technology and it completed the purchase of National Vinegar Company.

In health and bio-pharma, Kerry reached agreement for the acquisition of Natreon and added to its biotechnology capabilities with the acquisition of Enmex and has further deals in the pipeline post year-end.

In emerging markets, Kerry acquired Afribon to join its other businesses in east Africa and a further acquisition is in process in Malaysia post year-end. Net capital expenditure for the year was €315m.