Food technology and ingredients company Kerry Group said its expects to deliver strong volume and earnings growth for 2021 as reported business volume growth of 8.2% for the nine months to the end of September.
In a trading update, Kerry Group said it recorded business volume growth of 8.7% in its Taste & Nutrition division, while its Consumer Foods division saw growth of 5.6%.
Group reported revenue increased by 6.3% in the nine month period.
Kerry said this reflected a volume increase of 8.2%, increased pricing of 0.7%, an adverse translation currency impact of 3.6% and net contribution from acquisitions and disposals of 1%.
Kerry said that overall market conditions have improved through the nine month period, with many developed markets seeing a return to more normalised economic activity.
It added that consumer demand remains strong as retail continues to perform well, while foodservice experiences a continued improvement, as consumers embrace out-of-home social engagement and food consumption.
"Our markets remain highly dynamic, as customers seek to address heightened consumer demands while balancing labour and supply chain challenges, leading to increased innovation opportunities within our industry," it said.
Edmond Scanlon, Kerry's chief executive, said the company was pleased with its overall performance, which he said reflected continued good growth in its retail channel and strong performance in foodservice.
"The Americas had good overall volume growth, Europe delivered an excellent performance, while growth in APMEA remained strong with varying conditions across the region. A number of our end use markets had strong performances, with Beverage in particular achieving excellent growth," Mr Scanlon said.
The Kerry CEO said the company made some significant strategic developments during the year, including completing the acquisition of Niacet and the sale of its Consumer Foods' Meats and Meals business.
"Our outlook for the full year is unchanged and we expect to deliver strong volume and earnings growth," he added.
Kerry Group shares were higher in Dublin trade today.