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Kerry Group Reports 16.1% Revenue Increase In Third Quarter

Kerry Group has reported that its revenue increased by 16.1% in its third quarter.

In its latest trading update, the company noted that the increase was comprised of business volume growth of 6.6% and increased pricing of 10.6%.

The company noted that the contribution from business acquisitions of 4.8% was partially offset by the impact of the disposal of its Consumer Foods Meats and Meals business, at 12.7%.

Edmond Scanlon, chief executive officer, commented, “We achieved excellent growth across the period through a combination of strong business volumes and pricing, as we continue to manage through this unprecedented inflationary pricing environment in collaboration with our customers.”

‘Excellent’ Performances 

According to the food technology and ingredients company, the overall demand environment continued to be strong throughout the period.

Consumer preferences for new taste experiences and clean-label and healthier options remain strong, while the importance of value options continues to rise across categories, it added.

Scanlon said that the group’s volume growth was broadly based across its regions, channels and markets, led by excellent performances in snacks, beverages, meat and bakery, in particular.

“We also made good strategic progress with further footprint expansion and strategic acquisitions,” he said.

Looking Ahead

“While we recognise the current level of uncertainty in the marketplace, we feel very well positioned as we continue to support our customers in addressing the various market challenges and opportunities,” Scanlon added.

“Given we have now reported the third quarter, we are updating our full-year earnings guidance to 6% to 8% growth on a constant-currency basis.”

© 2022 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more A-brand news, click here. Click sign up to subscribe to Checkout.

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