Kerry Group volumes rise 3.2pc despite 'weak' market
Published 03/11/2016 | 02:30
Business volumes at Irish ingredients firm Kerry Group are up 3.2pc in the year so far, driven by surges in both its nutrition and consumer foods businesses.
Kerry said global market conditions "remained weak", with currency volatility and a changing marketplace hitting business.
Consumer trends are tipping towards healthy foods, which has led to significant product churn with the company looking to develop more innovative products.
Pricing declined by 2.2pc in the three months to the end of September, against a background of a 4.5pc drop in raw material costs.
The Dairygold-owner said consumer demand in its foods business remained strong despite the Brexit vote. Kerry reported an adverse currency translation impact of 4.5pc, a significant amount of which was attributed to the massive drop in the value of sterling.
Meanwhile, Ornua, formerly the Irish Dairy Board, has expanded in the US. The company said yesterday that it has acquired the CoreFX Ingredients division of US-based MCT Dairies, along with a powder ingredient production facility in Orangeville, Illinois.
The acquisition, made in partnership with Denis Neville, formerly of MCT Dairies, is Ornua's first specialty dry ingredients production facility in the US.