Ingredients giant Kerry's (KYGA) reported earnings for 2013 look pretty dire, but that's down to €352m (£291m) of exceptional costs - double the amount that analysts had been forecasting.
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They reflected restructuring, losses on disposed businesses, including Kerry's liquid milk operations, and impairment costs on food businesses earmarked for sale this year. Strip these out, however, and the picture looks more appetising. Underlying pre-tax profit rose 9 per cent to €532m, helped by a 90 basis point margin improvement and a 4.6 per cent rise in underlying sales. Volumes grew 3 per cent, too.