Q1 revenue up 10.5% at Kerry Group
Kerry Group, the Irish food group, has unveiled a 10.5% increase in first quarter revenue and said it was on-track to meet full-year guidance despite significant increases in raw material and input costs.
At its annual general meeting the company, which produces Walls and Richmond sausages, also revealed that volumes in the same period had improved by 4.1%
Kerry said that while there was a lag in cost recovery in some markets, it had successfully offset growing commodity and energy prices during the quarter by passing those costs onto customers.
Sales of ingredients, which make up around two-thirds of revenue, were up 4.7 %, while consumer foods sales rose 2.6 percent.
It explained that it expected 2011 adjusted earnings of between 210 to 218 euro cent per share, an increase of 7 to 12% year-on-year.