Kerry Group says it remains strongly positioned for growth despite uncertain market conditions.
Its latest interim management statement shows the group’s revenue increased by 10% in the first quarter of the year.
Kerry posted growth of 8.5% through the first three months of 2023, comprising increased pricing of 8.3% and increased business volumes of 0.2%.
The group says consumer demand remained resilient through the first quarter given the heightened inflationary environment.
CEO Edmond Scanlon said the performance was driven by good volume growth in the Asia Pacific/Middle East/Africa region and Europe, led by strong growth in the food service channel.
He added overall growth was led by the dairy, snacks, and pharma markets, as customers continued to innovate their offerings in the inflationary environment.
Kerry says it expects to achieve adjusted earnings per share growth of between 1-5% this year, and it remains strongly positioned for growth with a good innovation pipeline, despite uncertain market conditions.
It says the group’s consolidated balance sheet remains strong, which will facilitate the continued organic and acquisitive growth of its businesses.
Kerry says it will continue to manage input cost fluctuations, and will continue to invest capital and develop its portfolio aligned to its strategic priorities.