Kerry Group has reported a 7.1% rise in profit to €750m for 2016, which comes on the back of 3.6% growth in revenues to €6.1 billion.

The company – whose brands include Denny, Galtee and Dairygold – saw revenues at its consumer foods division rise by 2.1% to €1.3 billion.

Kerry’s larger Taste and Nutrition division grew by 4% to €4.9 billion.

The company also announced its CEO Stan McCarthy is to retire in September, having been in the role for nine and a half years.

LISTEN: Outgoing Kerry Group CEO Stan McCarthy on his departure and future of the company

Mr McCarthy is set to be succeeded by Edmond Scanlon, who is currently Kerry's CEO for Asia Pacific.

Commenting on today's results, Mr McCarthy said: "In 2016 Kerry delivered good volume growth and a strong financial performance including sustained business margin expansion, record free cash generation and 7.1% growth in adjusted earnings per share.

"The Group remains confident of its ability to sustain profitable growth throughout global markets. In 2017 we expect to achieve good revenue growth and 5% to 9% growth in adjusted earnings per share".

In its analysis of Kerry's results, Davy said they are "marginally ahead of our expectations at the revenue, trading profit and adjusted EPS level".