Kerry Group forecasts growth
Published 05/11/2010 | 05:00
KERRY Group remains on course to deliver "double digit" growth in earnings for 2010, it said yesterday.
The agri-foods giant said it would increase earnings per share by about 15pc after a strong third quarter.
In its interim management statement covering the three months to the end of September, Kerry said it had achieved "solid organic growth" in line with the year so far.
For the first nine months of the year, group sales revenue increased by 8.7pc, reflecting like-for-like growth of 3.5pc. Continuing business volumes grew by 5.3pc.
The Irish consumer business is apparently finally showing signs of stabilisation, and returned to growth following price cuts and other methods of repositioning its business here.
Kerry's American business delivered 5.2pc growth year-on-year, while Europe, the Middle East and Africa grew volume by 4.3pc.
Analysts welcomed the statement but warned that, with raw material inflation running at 8pc, there would be further difficulties for Kerry next year.
By the close in Dublin the company's stock price was up just over one per cent at €26.665.