Kerry Group has said growing revenues at its ingredients business has more than offset a slowdown in its consumer food sales.
In an interim management statement, released this morning (1 May), Kerry said total sales from continuing operations rose 2.2% in the first quarter.
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Sales at the group’s consumer foods business fell 0.2%, as the European horsemeat scare dented demand, particularly in frozen meals. However, speaking at the end of March at the Consumer Analyst Group of Europe conference, Kerry CEO Stand McCarthy said that volumes were already recovering in the wake of the scandal.
In its ingredients division, Kerry said it was able to continue the “strong momentum” it built up in the fourth quarter of last year. The group reported a 3.1% increase in sales from continuing business, growth that Kerry said outperformed the market.
The company emphasised it was also able to drive improved margins in the face of “difficult” markets. In ingredients, trading margin was up 50 basis points and in food it was up ten basis points.
For the full year, Kerry confirmed that it expects EPS growth of 7-11%.
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