Kerry Group sales up 3.2% year-on-year

Kerry Group’s sales in the first nine months of the year are up 3.2% compared to the corresponding period in 2014.

The Group’s Taste and Nutrition division delivered “good growth” with an increase of 3.4% in sales, its Interim Management Statement says.

For Taste and Nutrition, the Group announced that there was good growth in American markets, an improved performance in the EMEA region and solid market development in Asia-Pacific markets.

This was notwithstanding the slowdown in some regional developing markets, according to the Group.

There was a sales increase of 2.6% in the Group’s Consumer Foods division. A statement from the Group said that business improvement was broad-based through the division’s snacking and meal solution categories – with strong growth through retail.

Pricing was 2.4% lower and divisional trading profit margin improved by 20 basis points reflecting the improved product mix and business efficiency programmes.

Reported revenues increased by 4.3%, reflecting the business volume growth, lower pricing, 7.7% positive currency translation impact and (3.8%) net business acquisitions/disposals impact, according to the Group.

At the end of September 2015 the Group’s net debt stood at €1.4 billion, compared to a level of €1.3 billion reported at the half year stage.

The Group attributes the increase to the impact of acquisitions completed during the period, offset by cash generated by the business

A statement from the Group said that the Board is confident of delivering 6% to 9% full year earnings growth as guided at the half year stage.

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