Kerry Group tells investors of first quarter growth

Taste and nutrition, and consumer foods company Kerry Group issued an interim management statement for its first quarter to 31 March on Thursday, as investors gathered for the firm’s annual general meeting.

The London-listed firm said it saw 3.8% growth in business volumes during the quarter, with 4.1% growth in its taste and nutrition division and 2.3% growth in the consumer foods unit.

It said pricing was 1.3% higher, and its group trading margin was maintained, although underlying margin expansion was offset by the impact of currency movements and investment in its Kerryconnect product.

Margins in taste and nutrition were 20 basis points higher, while consumer foods margins softened by 70 basis points.

“Our first quarter highlights a good volume driven performance across group businesses, maintaining the momentum reported in 2016,” said chief executive Stan McCarthy.

“The group expects to achieve good revenue growth and 5% to 9% growth in adjusted earnings per share in 2017, as previously guided.”