LONDON (Alliance News) - Kerry Group PLC on Thursday reported growth in revenue in the first quarter of 2018 and reaffirmed its guidance for the full year.
The Irish food company said revenue in the three months to the end of March grew by 0.1% year-on-year, as volumes rose by 3.7% and pricing increased by 0.9%.
Kerry's trading margin was maintained as an improvement in Taste & Nutrition offset a negative impact from the depreciation of sterling. As a result, it reaffirmed earnings guidance for the year as a whole.
Kerry said the Taste & Nutrition division achieved good growth of 4.3% across global, regional & local customer groupings with developing Middle East & Africa region being the main driver.
This region saw 9.7% volume growth helped by strong growth across both savoury and sweet applications. The company said it intends to continue investments in this area to "expand its footprint".
"We are pleased with the start we have made to 2018, which is in line with our expectations," said Chief Executive Edmond Scanlon. "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."
Shares in Kerry Group closed up 0.9% on Thursday at EUR86.20 each.
Kerry (KYGA)