Kerry Group has reported an increase in volumes from continuing business for the first nine months of the year despite lower sales at its consumer food unit.
The Irish food maker said today (6 November) total volumes in the first nine months of the year climbed 2.4%.
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Growth was propelled by Kerry’s flavours and ingredients business. Volumes increased 3.6% thanks to a strong performance from the Americas and Asia Pacific, which offset challenges in EMEA. Pricing was down 0.2%.
Consumer food volumes were down 1.2% and pricing dipped 0.3%, the company added.
On its consumer foods performance, Kerry said: “Against the backdrop of challenging retail and consumer trends in the Irish and UK markets, Kerry Foods performed satisfactorily and continued to successfully progress its business repositioning strategies.”
The company has worked to improve efficiency and lower costs at its consumer foods brands, while also repositioning its products to generate higher margins. Divisional trading profit margin improved by 20 basis points in the period.
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By GlobalDataKerry reiterated its forecast for earnings to increase by 7% to 9% for the full year.
