Kerry Group has said that it anticipates full-year earnings to come in at the upper end of its EUR1.51-1.55 (US$1.90-1.94) per share guidance, despite difficult operating conditions.
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“The group expects a good outturn for 2008 despite challenging economic conditions in many countries and the continued adverse impact of currency translation,” the company said in a trading statement today (13 November).
Kerry said its global ingredients and flavours business continued to deliver mid-single-digit comparable sales and profit growth in the four-month period from the end of June. The US and European divisions recorded like-for-like revenue growth of 6% and 4% respectively, while the group’s Asia-Pacific ingredients and flavours business continued to deliver in excess of 20% growth, the company said.
However, the company warned that its UK and Irish consumer foods unit was feeling the negative impact of poor trading conditions and currency conversion.
In spite of these factors, the division saw like-for-like sales increase 4% in the four-month period from the end of June.
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By GlobalDataKerry said continued brand investment assisted the division’s performance in what it described as an “increasingly competitive” retail environment.
