Food group Kerry remains confident its earnings will meet targets this year despite a 3.5 per cent fall in sales.
Trading volumes for the first four months of the year were “slightly weaker than anticipated”, Kerry said in a statement issued ahead of its annual general meeting being held this afternoon.
The company remains “confident” of delivering 2009 earnings of between 160 cents and 165 cents per share, chief executive Stan McCarthy said in the statement.
“The group has achieved good financial and operational progress year to date in 2009 despite challenging conditions across global markets arising from the progressively weaker economic situation,” Mr McCarthy said in the statement.
The company said cashflows remain strong despite continuing investment. Due to sectoral difficulties the company said it had decided to downsize its investment in the European fruit ingredients business and write down the asset cost of approximately €40 million.
In March, Kerry bought Breeo Foods for €140 million to add Dairygold.
At 1.35pm shares in Kerry were up 1 per cent at €16.15.