Kerry Group is reporting a strong recovery in business performance in the third quarter.
The global taste and nutrition and consumer foods group, which has its headquarters in Tralee, has released a statement on its performance for the first nine months of the year.
Chief Executive Officer, Edmond Scanlon says this year has seen unprecedented variability and complexity across its industry.
He says the agility and ingenuity of their teams in adapting to these challenging conditions has contributed to Kerry's strong recovery in the third quarter; there has been a continued recovery in food service.
Group reported revenue decreased by 4.5%, reflecting a volume reduction of 4.7% and increased pricing of 0.3%.
Group trading margin declined by 130bps resulting from the sharp decline in foodservice orders.
While there remains a high level of uncertainty, based on current market conditions, Kerry expect business volumes to return to growth in the final quarter and are guiding a full year earnings per share decrease of 8-11% in constant currency.
During the third quarter, Kerry Group reached agreement to acquire two companies; Bio-K Plus International probiotics in Canada and Jining Nature Group in China.
The company recently launched its 2030 sustainability strategy which it says will be central to its growth strategy.
