Kerry Group targets 10pc growth after strong Q3
FOOD ingredients company Kerry Group has said it experienced a good business performance in the three months to September.
Business volumes were up 3.2pc between July and September, driven largely by a robust performance in ingredients and flavours.
The company said that it was confident of delivering 8pc to 10pc growth in adjusted earnings per share this year.
"Kerry Group achieved a good performance in the three-month period to September 30, 2013 and continued to invest in enhancing the quality of Group businesses," the group said in its interim financial statement.
"This performance was achieved against a background of significant currency headwinds and a challenging overall market environment in developed markets.
"Despite weaker economic conditions in some developing markets, Kerry continued to achieve solid growth and business development – particularly in Asia and EMEA developing zones."
Sales growth has been improving throughout the year. In the nine months to the end of September, business volumes grew by 2.9pc and pricing increased by 1.7pc, offsetting inflation cost of 3.5pc to 4pc.
Reported revenues in the nine months to end of September decreased by 0.2pc and by 0.6pc between July and September, reflecting significant currency headwinds and discontinued volume of 3.7pc arising from restructuring programmes.