Kerry, the former Irish dairy co-operative that is now one of the world’s leading ingredients and flavourings companies, lifted its guidance for full-year earnings after reporting a 3 per cent increase in first half pre-tax profits.

Stan McCarthy, chief executive, said: “We expect to maintain the positive momentum in the second half of the year and to increase earnings for the full year to the upper end of the range of 160 cents to 165 cents per share forecast at the start of the year.”