Source - SMW
Global taste and nutrition and consumer foods group Kerry maintained a strong business momentum in the third quarter.

Kerry's global taste and nutrition businesses achieved 4.6% volume growth in the nine months to the end of September. 

Net pricing increased by 2%. 

Divisional trading profit margin increased by 20 basis points due to successful innovation, improved product mix and commercial effectiveness programmes.

The group said its consumer foods business performed well against a background of increasing inflationary pressures in the UK market, sterling volatility following the UK electorate decision to leave the EU, and increased market fragmentation with the continued expansion of discounter retail chains. 

In the nine months to end of September business volumes grew by 2.5%. 

It said: 'With a continuing focus on significant raw material price inflation recovery, pricing increased by 1.9%. 

'The divisional trading profit margin decreased by 70 basis points as the underlying business margin improvement was offset by adverse sterling exchange rate movements.'

Chief executive Edmond Scanlon said: 'The Kerry business model continues to deliver speedy innovation in response to the pace of change in the food and beverage industry. 

'We achieved good volume growth in the first nine months of 2017 and for the full year, taking into account the 4% currency translation headwind, we expect to achieve growth in adjusted earnings per share of 4% to 6% on a reported basis to a range of 336 to 343 cent per share.'

At 9:25am: (LON:KYGA) Kerry Group PLC share price was +0.93p at 85.82p