Food group Kerry has said the performance of its businesses improved in the first three months of the year, with the exception of its consumer foods business in Ireland.
In a trading update issued as the group held its AGM, Kerry said its sales were up 5.9% compared with the same quarter last year.
But underlying sales were up just 1% when the effect of disposals, acquisitions and currency movements were stripped out. The volume of sales grew by just over 5%.
Kerry said its operating margins continued to improve - up 0.5 points overall. This included a 0.7-point improvement in ingredients and flavours and a 0.4-point rise in consumer foods.
The company said lower prices and competition in the Irish market affected its consumer foods brands.
Kerry stuck to its estimate for the full year or earnings per share of 182 to 185 cent.
Kerry shares closed down 4.1% at €22.50 in Dublin.
