Kerry performance 'satisfactory' in Q1
Kerry Group has reported a "satisfactory" peformance in the first quarter of 2012 despite what it called "more challenging trading conditions" in developed markets.
In an interim management statement issued to coincide with its AGM today, the consumer foods group said reported sales revenue increased by 9.7%, reflecting like-for-like (LFL) growth of 3.8% when accountis taken of acquisitions and currency translations.
Performance in the first quarter also benefited from the impact of acquisitions completed in 2011, Kerry said.
Business volumes grew by 1.7% and trading profit increased by 7.2% on a reported basis.
"Input cost inflationary trends persist into 2012 and cost recovery programmes continue to be implemented to recover residual increases where necessary," the statement said.
"When account is taken of the increased level of expenditure relating to the Group’s ongoing 1 Kerry business transformation and global IT project and the dilutive impact of 2011 acquisitions, the Group trading profit margin is back 20 basis points."
The company said continues to integrate the acquisitions completed in 2011, all of which are performing in line with expectations.
As previously guided, Kerry said it expects to achieve 7% to 10% growth in adjusted earnings per
share in 2012 to a range of 228 to 235 cent per share.
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