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Kerry Group experiences 'strong growth' YTD
27th Oct 2021 07:41
(Sharecast News) - Irish food company Kerry Group said on Wednesday that it had experienced continued "strong growth" and "strategic development" year-to-date.
Kerry Group said overall market conditions had improved through the third quarter of its trading year as many developed markets saw a return to "more normalised economic activity".
The London-listed firm said consumer demand remained "strong" as its retail unit continued to perform well, while foodservice experienced a continued improvement, as consumers seemingly embraced the opportunity for out-of-home social engagement.
Kerry said group reported revenue increased 6.3% in the period, reflecting a volume increase of 8.2%, increased pricing of 0.7%, a net contribution from acquisitions and disposals of 1.0% and an adverse translation currency impact of 3.6%.
The group's trading profit margin increased by 60 basis points, reflecting a 60bps improvement in its taste and nutrition division and a 20bps improvement in its consumer foods wing.
Chief executive Edmond Scanlon said: "We are pleased with overall performance through the period, reflecting continued good growth in our retail channel and strong performance in food service. The Americas had good overall volume growth, Europe delivered an excellent performance, while growth in APMEA remained strong with varying conditions across the region.
"Our outlook for the full year is unchanged and we expect to deliver strong volume and earnings growth."
As of 0850 BST, Kerry shares were up 0.38% at €117.35 each.
Kerry Group said overall market conditions had improved through the third quarter of its trading year as many developed markets saw a return to "more normalised economic activity".
The London-listed firm said consumer demand remained "strong" as its retail unit continued to perform well, while foodservice experienced a continued improvement, as consumers seemingly embraced the opportunity for out-of-home social engagement.
Kerry said group reported revenue increased 6.3% in the period, reflecting a volume increase of 8.2%, increased pricing of 0.7%, a net contribution from acquisitions and disposals of 1.0% and an adverse translation currency impact of 3.6%.
The group's trading profit margin increased by 60 basis points, reflecting a 60bps improvement in its taste and nutrition division and a 20bps improvement in its consumer foods wing.
Chief executive Edmond Scanlon said: "We are pleased with overall performance through the period, reflecting continued good growth in our retail channel and strong performance in food service. The Americas had good overall volume growth, Europe delivered an excellent performance, while growth in APMEA remained strong with varying conditions across the region.
"Our outlook for the full year is unchanged and we expect to deliver strong volume and earnings growth."
As of 0850 BST, Kerry shares were up 0.38% at €117.35 each.