Taste and nutrition business Kerry Group has updated its mid-term financial targets for the period between next year and 2026 and now expects to deliver revenue volume growth of 4-6%.
The main growth is expected to come from the authentic taste, plant-based, food waste and health and bio-pharma segments of its operations.
The company has also set a new earnings before interest, tax, depreciation and amortisation margin target of 18%+ by 2026, underpinned by a 20%+ in its taste and nutrition business.
It presented the new targets as it unveiled an updated strategy and sustainability commitments for 2030 at a capital markets day.
"Today's update is the next evolution of Kerry, as we strive to create value for our customers every day, by solving their complex challenges with differentiated solutions," said Kerry CEO, Edmond Scanlon.
"This supports our vision to be our customers' most valued partner, creating a world of sustainable nutrition."
The group is increasing its target for scope 1 and 2 emissions reduction from 33% to 55% by 2030.
This brings the target in line with the most ambitious goal of the Paris Agreement.
It is also extending its commitment to have equal gender representation across all senior management roles by 2030.
The company believes it can boost its margins through enhanced portfolio mix, operating leverage and operational efficiencies.
However, this will be partly offset by reinvestment to drive growth.
This will include a new transformation programme beginning next year that will see €120m invested in manufacturing and supply chain.
The company predicts this will yield a full annual recurring benefit of around €70m per annum from 2025.
Shares in Kerry Group were up nearly 2% earlier today on the news, but have since eased back and currently are around 0.6% higher.