Kerry shareholders hear of good outturn forecast

A good outturn for the year 2004 has been forecast by the Kerry Food Group.

To date, the company had recorded strong trading in 2004, with good progress in convenience, nutrition and the lifestyle food and beverage markets.

The global ingredients, flavours and consumer food group said its acquisition programme, at a cost of €665m to date, had extended the Group’s food ingredients platform to bio-ingredient and pharma-ingredients applications.

It had also ‘significantly’ broadened the Group’s flavour development technical and regional base, and expanded the Group’s interests in the US-branded beverage foodservice and natural foods sectors.

Chief executive Hugh Friel said at the company's annual general meeting today: "In line with market expectations, we are looking forward to a good outturn for the full year 2004.

"With the increasing focus of the global food industry on the critical areas of health, nutrition and food safety, these acquisitions have expanded the Group’s positioning in the key areas of taste, flavour and texture.

"In particular the Group’s acquisition of Quest Food Ingredients, while complementing our existing ingredients businesses, establishes a number of important new growth platforms which will be managed by our new Kerry Bio-Science division."

Kerry Group reported total turnover of €3.7bn, reflecting like-for-like sales growth of 4.6% in the financial year ended December 31, 2003.