Kerry Reports Growth in Q1 2010 in Most Geographic Regions

Kerry Group (Tralee, Ireland) has reported a 5.9% increase in first quarter 2010 revenue (all comparables year-over-year).

Continuing ingredients and flavors business volumes grew 5.2% The savory and dairy categories and clean label services boosted results in the Americas by 5%. Meanwhile, cereal and sweet applications regained some momentum. Beverage flavors, fermented ingredients and functional ingredients performed well.

The Europe/Africa/Middle East region grew 4.7%, boosted by savory and dairy culinary applications. Cereal and sweet categories performed as expected, aided by restructuring in French fruit ingredients. Beverage systems and flavors grew "satisfactorily."

Eastern Europe underperformed across all applications categories.

Asia-Pacific sales jumped 13.5%, with particular strength in meat, culinary, bakery, nutritional and beverage applications. Functional ingredients also grew strongly, with increased output from the esterol emulsifier facility.

The company expects to deliver on previously announced full-year earnings targets.




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