Wednesday 23 October 2019

Kerry Group reaffirms guidance after 'solid' start to 2019

Kerry Group CEO Edmond Scanlon
Kerry Group CEO Edmond Scanlon
Ellie Donnelly

Ellie Donnelly

Food giant Kerry Group has reaffirmed its full year 2019 guidance of adjusted earnings per share growth of 6pc – 10pc on a constant currency basis.

In a trading update today the company said it made a "solid" start to 2019, with reported revenue up 10.3pc in the three months to 31 March.

Kerry Group reported business volume growth of 3.3pc during the period, of which the Taste & Nutrition arm recorded growth of 3.8pc, while its Consumer Foods arm grew 0.8pc.

Edmond Scanlon, CEO of Kerry Group, said: "We have made a solid start to the year with overall business performance in line with expectations."

"The group continued to deliver volume growth ahead of the market while expanding trading margin."

Mr Scanlon added that the group’s recently announced acquisitions have performed "very well".

Kerry Group reported volume growth across each of the regions it operates in, with particularly strong growth of 9.3pc coming from the Asia, Pacific, Middle East, and Africa region, which was led by China.

At the end of March net debt was €1.9bn, which the company said reflected the acquisitions completed in the period.

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