Kerry Group Reports 3.4% Revenue Increase In Q1, Pulls Forecasts
Published on Apr 30 2020 9:50 AM
Kerry Group has reported a 3.4% revenue increase in its first quarter, its latest financial statement shows.
The group posted a marginal 0.2% business volume growth, according to its interim management statement for the quarter ended 31 March 2020.
However, the group said that it has withdrawn its earnings guidance due to uncertainty around duration and impact of COVID-19.
"At Kerry, we recognise we have an important role to play throughout this crisis, and we have taken early and decisive action; protecting our 26,000 employees across our global footprint, working with our customers to ensure that products make their way to consumers around the world, while supporting our local communities," said Edmond Scanlon, chief executive officer.
"Our global supply chain remains robust, thanks to the tremendous efforts of our operations teams right across our entire manufacturing footprint of 150 plants."
Scanlon highlighted that the group made a strong start to the year, with good underlying performance and particularly strong growth in the Americas.
"Since March, the restrictions on movement have significantly impacted customer demand beyond China and across the foodservice channel," he said.
"Based on the current restrictions, we expect the impact on second quarter performance to be much more significant than the first quarter," he added.
Annual General Meeting
The groups AGM is due to take place today at 2.30pm at the company's Global Technology & Innovation Centre which is located in Millennium Park, Naas, Co. Kildare.
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