Kerry Group sales rise by 3.2pc in the face of changing marketplace
Kerry, the global taste, nutrition and consumer foods group, announced a 3.2pc increase in business volumes for the year so far as the company remains on track with analysts estimations.
In the first nine months of the year Kerry reported a 3.4pc growth in business volumes in its taste and nutrition sector while volumes also grew in its consumer foods group, up 2.6pc when compared with the same period last year.
The group's trading margin grew by 40 basis points on the first nine months of last year with taste and nutrition rising by 40 basis points while consumer foods grew by 20 basis points.
Kerry Group's board is confident of delivering 6pc to 9pc full year earnings growth as it guided at the half year stage.
In the nine months to the end of September, business volumes across the group increased by 3.2pc. Pricing declined by 2.8pc against a background of approximately 6pc lower raw material costs.
The group reported revenues increased by 4.3pc, reflecting the business volume growth, lower pricing, 7.7pc positive currency translation impact and (3.8pc) net business acquisitions / disposals impact.
The company's net debt rose by €100m when compared with the half-year level however the group says that the increase is as a result of acquisitions offset by cash generated by the business.