Tuesday 21 November 2017

Revenue up 4.5pc in nine months at Kerry Group

Edmond Scanlon
Edmond Scanlon
Ellie Donnelly

Ellie Donnelly

Reported revenues at Kerry Group have increased by 4.5pc in the nine months to September reflecting strong business volume growth and increased pricing.

The result was offset partially by an adverse currency translation, according to the group’s interim management statement.

The group’s business volumes increased by 4.2pc during the period, while reported sales increased by 4.5pc.

Net pricing at the global taste, nutrition and consumer foods group was up 2pc against a background of approximately 4pc higher raw material costs.

Breaking the results down by division, Taste & Nutrition volumes increased by 4.6pc, with growth continuing in all regions.

The group also experienced growth in its Consumer Foods section, with 2.5pc growth in volumes.

In the Americas region business volumes increased by 3.4pc, while in Europe, the Middle East, and Africa, sustained focus on 'in-market' customer engagement and progress through commercial effectiveness programmes assisted in the delivery of 3.7pc volume growth during the period.

Meanwhile the company enjoyed growth of 10.9pc in the Asia-Pacific region, with particularly strong growth in China and South East Asia.

"We achieved good volume growth in the first nine months of 2017 and for the full year, taking into account the 4pc currency translation headwind, we expect to achieve growth in adjusted earnings per share of 4pc to 6pc on a reported basis to a range of 336 to 343 cent per share," Edmond Scanlon, Kerry Group CEO, said.

The group’s trading margin was maintained over the period.

Last month Kerry Group confirmed the acquisition of US-based tech company Ganeden.

Based in Cleveland, Ganeden is a tech innovation company which focuses on patented probiotics and related technologies.

The company currently has annual revenue of approximately $25m, and has more than 135 patents for technologies in the supplement, food, beverage, nutrition and personal care markets.

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