Irish food and ingredients company Kerry Group has said it is “confident” of delivering earnings growth of 8-10% in 2013.
In an interim management statement released today (30 October), the company said that it expected to achieve full-year earnings in a range of 253 to 257 cents per share in the face of currency headwinds, which dented sales in the first nine months of the year.
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In the nine months to the end of September, Kerry said continuing business volumes rose by 2.9%, while pricing increased 1.7%.
Growth at Kerry’s ingredients business outpaced the firm’s consumer foods unit. Continuing business volumes in Kerry’s consumer foods division slipped by 0.2% while pricing rose by 1.2%. Kerry’s ingredients and flavours business booked a 4.1% rise in continuing business volumes in the nine month period, while pricing increased by 1.9%.
In a separate announcement, Kerry revealed it had opened a regional development and application centre in Dubai, UAE. The facility will serve the Middle East, North Africa, and Turkey.
Volume and pricing gains helped to offset cost inflation of around 3.5-4%, the group said.
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By GlobalDataNine-month reported revenues were down 0.2%, however, dented by foreign exchange and the exit of some non-core businesses.
