Global food giants Kerry Group earned 1% to €46.84 in shares after strong quarterly performance with business volumes up 2.3% between July and September. In the first 9 months of 2013, continuing business volumes rose by 2.9% to 4.1% at its main ingredients and flavours sector. However, overall reported revenues were down by 0.2% due to currency issues.
Despite weaker economic conditions in some developing markets, Kerry continued to achieve solid growth and business development especially in Asia and EMEA developing zones. Performance was assisted by successful integration of acquisitions and good results to date from continuing deployment of the Group’s 1 Kerry Business Transformation Programme.
In regards to its consumer foods division (which produces brands such Dairygold and Galtee), Kerry said it performed well against a background of tough competition from discount retailers. The group’s consumer foods division suffered a 6% year-on-year drop in revenues in the first half of 2013.
Irish and British consumer foods sectors remain “highly competitive” the company said. Revenues in this division were down by 7.3% in the first 9 months of the year.
