Kerry Group, has delivered a 3.7% growth in business volumes in its first quarter, according to its recently published interim management statement for the period which ended on 31 March 2018.
Ahead of its Group’s Annual General Meeting (AGM) which is being held today, the group said that its Taste & Nutrition divison showed an increase of 4.3% and Consumer Foods was up by 1.6%.
“We are pleased with the start we have made to 2018, which is in line with our expectations as communicated in February,' said Edmond Scanlon, chief executive officer, Kerry Group.
The group continued to deliver healthy volume growth and underlying margin expansion.”
Acquisitions Preforming Well
Scanlan outlined that acquisitions completed over the past year are performing well and integration is progressing to plan.
"Our industry leading business model and ‘from-food for-food’ heritage are ever more relevant in today’s marketplace and continue to underpin a strong innovation pipeline. In summary, we are encouraged by the start to the year and reaffirm our full year 2018 guidance of adjusted earnings per share growth of 6% to 10% in constant currency,” he added.
Board Changes
The global taste & nutrition and consumer foods group announced a number of key board changes.
It said that Michael Dowling will retire from the Board following today’s AGM and will be succeeded as chairman by Philip Toomey.
Toomey joined the Board in February 2012 and was appointed as senior independent director. He was appointed chairman of the Audit Committee in February 2013.
Toomey will step down from the Audit Committee and as senior independent director on taking up the position as chairman of the Board of Directors.
The Board has agreed to appoint Christopher Rogers as a non-executive director of the company with effect from 8 May.
Future Prospects
The group reaffirms its full year 2018 guidance of adjusted earnings per share growth of 6% to 10% on a constant currency basis.
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.
