Kerry Group revenue rises in Q3 on improving demand in foodservices business

Wed, 27th Oct 2021

Food company Kerry group reported a rise in third-quarter revenue as volumes increased amid an ongoing improvement in demand in its foodservices business. For the three months ended 30 September 2021, revenue increased by 6.3%, reflecting a volume increase of 8.2%, increased pricing of 0.7%, an adverse translation currency impact of 3.6% and net contribution from acquisitions and disposals of 1.0%. Foodservice volume growth was 21.0%, led by performance in Europe. Trading profit margin increased by 60 basis points, reflecting a 60bps improvement in taste & nutrition and a 20bps improvement in consumer foods, driven principally by operating leverage. 'Our outlook for the full year is unchanged and we expect to deliver strong volume and earnings growth,' the company said. Constant current adjusted EPS for the year was expected in the range of 12-to-15%. Story provided by StockMarketWire.com

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