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Thursday 21 September 2017

Kerry reports strong start to year

Edmond Scanlon, who will take over from Chief Executive Stan McCarthy in September. Picture Colm Mahady / Fennell Photography.
Edmond Scanlon, who will take over from Chief Executive Stan McCarthy in September. Picture Colm Mahady / Fennell Photography.
Margaret Donnelly

Margaret Donnelly

Kerry has announced in its first quarter results a 3.8pc growth in business volumes and says growth of 5-9pc in adjusted earnings per share is still on track.

Outgoing Chief Executive Stan McCarty said that one highlight from the first quarter was volume driven performance across the group's businesses, which maintained the momentum of 2016.

“Our first quarter highlights a good volume driven performance across Group businesses, maintaining the momentum reported in 2016. The Group expects to achieve good revenue growth and 5-9pc growth in adjusted earnings per share in 2017, as previously guided.”

The global taste and nutrition and consumer foods group's statement coincides with the company's AGM which is being held today.

Kerry reported a 3.8pc growth in business volumes; including a 4.1pc increase in Taste & Nutrition business volume growth and a 2.3pc rise in Consumer Foods business volume growth. 

Brexit impacted on the group, with its division’s trading margin hit by sterling devaluation.

At the end of March net debt stood at €1.2 billion, compared to €1.3 billion at year-end.

It went on to say that the Board is confident of delivering 5-9pc growth in adjusted earnings per share to a range of 339.6 to 352.5 cent per share as previously guided (2016: 323.4 cent per share).

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