Food group Kerry has said it is confident of meeting an earlier target for its financial performance for 2009, despite a fall in revenue.
In a trading update issued ahead of its AGM, chief executive Stan McCarthy said the group's total revenue was down 3.5% in the first four months of 2009 compared with a year earlier.
But he said its profit margins were higher as a result of a programme of restructuring and savings. Mr McCarthy said this meant it was 'confident' of meeting its earnings per share target of 160 cent to 165 cent set out as the start of this year.
The company said the economic downturn had affected its consumer foods business, as shoppers sought cheaper products. Sales revenue has fallen 8% so far this year, including a 3% drop due to lower prices and 2% because of the stronger euro against sterling.
In the ingredients and flavours division, sales revenue is flat so far, though the performance is stronger in the Asia-Pacific region.
Kerry shares closed unchanged at €15.98 in Dublin.
