Kerry Group sees revenues drop 8.6% amid 'challenging' conditions and muted demand

Irish food group said profit was "more than offset" by the impact of disposals and unfavourable translation currency

The food group said the demand landscape was characterised by several market dynamics, including customer destocking, shrinkflation and the impact of recent broad-based inflation on consumers’ spending habits. Picture Dan Linehan

Irish food group, Kerry has warned of "muted" consumer market volumes but said it expects good margin expansion in 2024.

Citing "challenging" market conditions and strong comparatives, Kerry said revenues dropped by 8.6% annually, totalling of €8bn according to annual results published by the company on Thursday morning.