Ahead of its AGM taking place today, 27 April, Irish dairy and ingredients business Kerry Group has issued an Interim Management Statement for Q1 2016, revealing that group-wide business volumes grew by 2.9 per cent, while net pricing was 1.5 per cent lower during the quarter.
Reported revenues increased by 0.9 per cent in Q1, which Kerry Group says reflects business volume growth, lower pricing, and a currency translation headwind of 2.3 per cent, as well as the effect of acquisitions net of disposals of 1.9 per cent.
The company noted that in its key UK and Irish consumer foods markets, it repositioned its offerings to capitalize on changing consumer snacking, convenience and food-to-go trends. This led to business volumes increasing by 2.1 per cent compared with the previous year, while pricing decreased by 1.3 per cent.
In Ireland, the Fire and Smoke range of sliced cooked meats maintained good growth, as Dairygold held onto its position as brand leader in dairy spreads, and Charleville achieved good growth in the cheese sector.
Meanwhile, Kerry Group’s US operation delivered 3.1 per cent business volume growth, while it saw 0.2 per cent volume growth in the EMEA region, where trading conditions remained challenging. Volume growth in the Asia Pacific region was 8.7 per cent, in line with strong market development in all regional developing markets.