Strong growth levels recorded by Kerry Group
TRALEE based global food and ingredients giant Kerry Group have reported strong growth in the first nine months of 2017.
The group issued its third quarter Interim Management Statement last week in which it reported business volume growth of 4.2 per cent in the nine months to the end of September.
Kerry’s taste and nutrition section saw growth of 4.6 per cent while its consumer foods division enjoyed growth of 2.5 per cent.
Announcing the figures Kerry Group’s Chief Executive Edmond Scanlon said the growth in business volumes should be reflected by similar growth levels in shareholder earnings.
“The Kerry Business Model continues to deliver speedy innovation in response to the pace of change in the food and beverage industry,” said ~Mr Scanlon.
“We achieved good volume growth in the first nine months of 2017 and for the full year, taking into account the four per cent currency translation headwind, we expect to achieve growth in adjusted earnings per share of four per cent to six per cent on a reported basis to a range of 336 to 343 cent per share,” he said.
The report stated that Taste and Nutrition Technologies and Systems had delivered good growth in North America, a solid performance in Latin America, good growth in the EMEA region and continued double digit growth in Asia.
Despite increasing inflationary pressures in the UK consumer foods market, Kerry Foods maintained good volume growth – benefiting in particular from increased snacking trends in dairy and meat categories.
In October, the Group also acquired Mississippi based Dottley Spice, a leading supplier of seasonings and coatings to the meat processing industry and foodservice sector in North America.
Agreement has also been reached to acquire the US based Kettle business of Tyson Foods, a leading provider of culinary systems and solutions in the North America region.