--Kerry is considering future of dairy-related businesses
--Profit and revenue fell for 2020 but the company expects full-year growth
--Kerry declared a final dividend of 60.6 European cents
By Sabela Ojea and Ian Walker
Kerry Group PLC said Tuesday that it has started a strategic review of its dairy-related businesses in Ireland and the U.K., as it reported a fall in pretax profit for 2020.
The Ireland-based food company --which houses Dairygold butter, Charleville cheese and Richmond sausages among its brands-- cautioned that there's no certainty the review will lead to any deal.
Kerry Group posted pretax profit of 635.3 million euros ($770.6 million) for 2020 compared with EUR645.9 million for the same period a year earlier. Revenue fell to EUR6.95 billion from EUR7.24 billion.
Shares at 1610 GMT were down EUR3.20, or 3%, at EUR104.60.
The company said that it expects the short term impact from the coronavirus to continue into the first quarter with flat-to-positive volume growth within the taste and nutrition business, but a strong recovery and good growth for the full year. Taste and nutrition is the company's biggest unit, generating over 80% of group revenue.
The company added that it will continue to pursue merger and acquisition opportunities aligned to its strategic growth priorities.
The board declared a final dividend of 60.6 European cents, bringing the total dividend for the year to 86.5 European cents, an increase of 10% on 2019.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix and Ian Walker at ian.walker@wsj.com.
(END) Dow Jones Newswires
02-16-21 1137ET