Food technology and ingredients company Kerry Group had said that due to the global uncertainty in relation to the timeframe and business impact from the Covid-19 pandemic, it is withdrawing its full year guidance.
In a trading update issued ahead of its AGM today, Kerry said its Taste & Nutrition business continues to have strong growth prospects, while navigating the short term challenges with "agility".
Kerry said the foodservice channel will continue to be impacted while restrictions in movement are in place, adding that it is focussed on opportunities in more resilient areas of the foodservice channel.
It also noted that its Consumer Foods business continues to see changes in consumer purchasing behaviour during the period of restrictions, which is driving significant volatility across categories.
In today's trading statement, Kerry said that group reported revenue increased by 3.4% in the three months to March.
But based on the current Covid-19 restrictions, it said it expect the impact on second quarter performance to be much more significant than the first quarter.
Edmond Scanlon, Kerry's chief executive, said that the Covid-19 pandemic is a truly unprecedented event, impacting the daily lives of people across the world.
"At Kerry, we recognise we have an important role to play throughout this crisis, and we have taken early and decisive action; protecting our 26,000 employees across our global footprint, working with our customers to ensure that products make their way to consumers around the world, while supporting our local communities," Mr Scanlon said.
He said that Kerry's global supply chain remains robust, due to the "tremendous efforts" of its operations teams right across its entire manufacturing footprint of 150 plants.