Kerry Group Saw Strong Growth During First Nine Months Of 2021 As Foodservice And Retail Picked Up Pace
Food group Kerry Group has said that it continued to see strong growth during the nine months to the end of September as foodservice and retail picked up pace. As reported by The Irish Times, busin...
Food group Kerry Group has said that it continued to see strong growth during the nine months to the end of September as foodservice and retail picked up pace.
As reported by The Irish Times, business volume growth was 8.2%, which reflected a 6.6% volume growth seen in the third quarter of the year, and, among its business units, taste and nutrition increased 8.7% during the nine-month period, with consumer foods being up 5.6%.
Reported revenue reportedly increased by 6.3% during the period, on rising volumes and a 0.7% rise in pricing. That was reportedly tempered by an adverse translation currency impact of 3.6%, with net contribution from acquisitions and disposals of 1.0%.
The group reportedly completed an €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.
Chief Executive Statements
Chief executive Edmond Scanlon reportedly said that the group was pleased with overall performance through the period, reflecting continued good growth in its retail channel and strong performance in food service, and, "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. 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 reportedly said that its outlook for the full year was unchanged, with strong growth prospects across both the retail and food service channels being underpinned by a good innovation pipeline and customer engagement.
Last month, Kerry Group reportedly unveiled targets to increase annual volume sales by up to 6% a year to 2026 and achieve solid expansion in its earnings margins over the period.
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