Kerry has issued an Interim Management Statement for the first quarter ended 31 March 2016. The company reported 2.9% growth in business volumes, with Taste & Nutrition up 3.1% and Consumer Foods up 2.1%.
Kerry has issued an Interim Management Statement for the first quarter ended 31 March 2016. The company reported 2.9% growth in business volumes, with Taste & Nutrition up 3.1% and Consumer Foods up 2.1%. Group trading margin was up 50 basis points. Kerry reaffirmed its guidance for the full year.The Group maintained good business momentum whilst improving the quality of Group businesses and achieving satisfactory volume growth in Q1 2016. While overall market conditions remain challenging, Kerry said it has sustained a solid innovation pipeline in response to customer requirements and consumer demand for enhanced nutritional, wellness and convenience offerings. Good progress has been achieved to-date in integration of businesses acquired in 2015. Kerry’s Taste & Nutrition technologies and systems achieved sustained growth in North American markets and an improved performance in Latin America relative to Q1 2015 despite significant adverse currency movements. Market conditions in the EMEA region remain challenging due to the deflationary environment in regional developed markets and continuing geopolitical instability in regional developing markets. Kerry maintained solid business development throughout Asia Pacific markets, delivering strong business volume growth in regional developing markets. Good growth was achieved in the foodservice channel in all regions. As retailers continue to address the changing marketplace in the UK and Irish consumer foods sectors, market conditions remain highly competitive. However, Kerry Foods delivered a good business performance in Q1 2016, capitalising on current snacking, convenience and food-to-go trends.