Strong growth for Kerry Group, as food service and retail pick up pace

Kerry Group said it continued to see strong growth in the nine months to the end of September, as the food group made significant strategic developments throughout the year.

Business volume growth was 8.2 per cent, which reflected the 6.6 per cent volume growth seen in the third quarter of the year. Among its business units, taste and nutrition rose 8.7 per cent during the nine-month period, with consumer foods up 5.6 per cent.

Reported revenue increased by 6.3 per cent during the period, on rising volumes and a 0.7 per cent rise in pricing. That was tempered by an adverse translation currency impact of 3.6 per cent, with net contribution from acquisitions and disposals of 1.0 per cent.

The group completed the €819 million sale of its low-margin meat and meals unit, including the Richmond, Denny and Galtee brands, to US poultry giant Pilgrim’s Pride in recent weeks.

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Developments

Chief executive Edmond Scanlon said the group was pleased with overall performance through the period, reflecting continued good growth in its retail channel and strong performance in food service.

“We have made some significant strategic developments through the year. We further enhanced our position as a market-leading taste and nutrition company, completing the acquisition of Niacet and the sale of our consumer foods meats and meals business,” he said. “At our recent capital markets day, we shared our refreshed strategic priorities, key growth platforms and midterm targets, all key enablers of achieving our vision – to be our customers’ most valued partner, creating a world of sustainable nutrition.”

The group said its outlook for the full year was unchanged, with strong growth prospects across both the retail and food service channels underpinned by a good innovation pipeline and customer engagement.

Earlier this month, Kerry Group unveiled targets on Wednesday to increase annual volume sales by up to 6 per cent a year to 2026 and achieve solid expansion in its earnings margins over the period.