Food group Kerry has today reported pre-tax profits of €392.8 million for the year ending December 31st 2010.

This compares to pre-tax profits of €251.9 million for the preceding year.

Sales at the company rose by 9.7 per cent to €5 billion over the 12 months under review while the firm also announced a trading profit increase of 11.3 per cent to €470 million.

Sales revenues for the group's ingredients and flavours division rose by 12.7 per cent to €3.67 million. The consumer foods division recorded sales revenue of €1.76 million, up 3.2 per cent on the preceding year.

Continuing business volumes were 5.5 per cent ahead on a group-wide basis over the full year, the group said.

Adjusted earnings per share increased by 16.8 per cent to 194.5 cent . and the board has recommended a final dividend of 20 cent per share, an increase of 15.6 per cent on 2009. Together with the interim dividend of 8.8 cent per share, this brings the total dividend for the year to 28.8 cent per share, an increase of 15.2 per cent on the previous year.

“Kerry Group achieved excellent results in 2010. Business development in the group’s established and emerging markets proved highly successful delivering strong volume growth and good margin progression. We achieved a 16.8 per cent increase in earnings per share to 194.5 cent," said chief executive Stan McCarthy.

Taking into account the phasing of raw material cost recovery and exchange rate variability, the company said it expects to achieve growth in adjusted earnings per share in 2011 to a range of 210 to 218 cent per share.