Kerry Group reports “good volume growth” for Q1
Kerry Group, owner of the Croissant King and van den Bergh’s frozen bakery businesses in Australia, has claimed it continued its momentum during the first three months of 2011, with the Irish firm reporting “good volume growth”, despite raising its prices to tackle increased raw material costs.
The ingredients, flavours and consumer foods group said today (10 May) that revenue rose 14.8% during the quarter ended 31 March. Like-for-like revenue was up by 10.5% and volumes grew 4.1%.
Pricing and mix increased by 6.3%, which the group said reflected its moves to offset rising costs. Kerry said that some raw materials “continue to reflect inflationary trends” but said that “while there is a lag in cost recovery in some end-use markets, cost recovery and business efficiency programmes are successfully mitigating the impact of such issues”.
Volumes in its ingredients and flavours division were up 4.7% for the quarter, while its consumer foods division reported a 2.6% increase in volume.
However, Kerry’s shares were down 1.21% to EUR28.50 at 13:21 BST today.
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