Kerry Group has reported a strong recovery in its business performance in the third quarter, its latest financial results show.
In a trading update for the nine months to the end of September, Kerry said it had seen a strong recovery since April in its foodservice business.
The global food ingredients and technology company said that performance in the retail channel remained strong, primarily through growth in authentic cooking, plant-based offerings and health and wellness products.
Edmond Scanlon, chief executive officer said: “This year has seen unprecedented variability and complexity across our industry."
"The agility and ingenuity of Kerry’s teams in adapting to these changing conditions has contributed to Kerry’s strong recovery in the third quarter, which was in line with previous guidance," he added.
'Good Progress'
Headquartered in Tralee, Co.Kerry, the group noted that it continued to make good progress on a number of strategic fronts.
During the third quarter the company said that it reached an agreement to acquire Bio-K Plus International probiotics in Canada and Jining Nature Group, a leading savoury taste business in China.
It also recently launched its 2030 sustainability strategy - Beyond the Horizon, which details Kerry’s sustainability targets and will be central to Kerry’s growth strategy, as it continues to innovate with its customers and expand its reach of sustainable nutrition solutions globally.
"As we continue to manage through these unprecedented times, we expect to continue our recovery in the final quarter and return to volume growth, while today we also resume providing full year earnings guidance,” Scanlon added.
© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.
