Wednesday 25 April 2018

Kerry stands over FY16 guidance as business volumes jump 2.9pc

Stan McCarthy of Kerry Group
Stan McCarthy of Kerry Group
Michael Cogley

Michael Cogley

Global consumer foods group Kerry Group has reaffirmed its guidance for 2016 after continuing momentum from 2015 helped deliver 2.9pc growth in business volumes in the opening quarter of the year.

The company reported volume growth of 3.1pc in its taste and nutrition business while pricing dipped by 1.5pc. Kerry said its innovation pipeline helped encourage growth in the sector.

Consumer foods volume increased by 2.1pc and the firm has re-positioned itself in the UK and Ireland markets to service the food-to-go trends.

The group reduced its net debt to €1.6bn compared to €1.7bn at the same time last year.

Cheesetrings, Kerry's children's cheese snack, continued strong performances in mainland Europe.

Kerry said it outperformed market growth levels in the chilled meals category. The firm said its 'Bisto' and 'Sharwoods' brands performed well in the frozen meals sector.

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