Like most of the Irish market, Kerry's shares have taken a pasting in the past couple of weeks and at this week's level of £8.20 are a long way off the £11.40 high of earlier in the year.

That might seem like a pretty catastrophic fall in the share, but at this week's price Kerry is still trading on a premium to food ingredients competitors like Universal Foods and Bush Boake Allen although on a sizeable three p/e point premium to McCormick. Against European food-ingredients groups, Kerry's rating is also above the sector average.

Kerry reports half-year results at the beginning of next month and few in the market doubt that the group will at the very least match the forecasts of £37 million profits and earnings per share between 18.5p and 19p. The pattern of company results this year has been for companies to beat analyst forecasts and it will be no surprise if Kerry does likewise in its interims.

Those half-year figures will include a modest contribution from the £290 million Dalgety Food Ingredients acquisition and the smaller investment in Brazil. But company broker Davy is convinced that these acquisitions will sustain Kerry's record of mid-teens earnings growth.