Kerry reports solid Q3 perfomance
The Kerry Group reported good third-quarter results, saying that performance was solid across all the regions and had maintained the momentum of its half-year results.
Overall group sales revenue in the first nine months increased by 7.9%, with business volumes ahead 3.9% in ingredients and flavours and 1.6% in the consumer food division, its interim management statement revealed.
The Richmond and Mattessons brands performed robustly in the UK market, but the company said that the competitive consumer and retail environment across the UK and Ireland had led to increased promotional actvity, which had impacted business growth strategies. A volume decrease in Ireland, down 2%, was offset by 2.8% growth in the UK.
Across Kerry’s ingredients and flavourings business, the meat sector in Europe, the Middle East and Africa was constrained, although the company said that poultry had progressed satisfactorily. However, meat technologies in Asia-Pacific, particularly Australia and New Zealand, grew strongly.
The company reiterated that it remained confident of achieving its growth targets for the full year and delivering 8-12% growth in adjusted earnings per share as guided at the beginning of the year.
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