Kerry Foods has recorded a 14.8% increase in revenues in its ingredients and flavour division, largely driven by an impressive performance in the Asia-Pacific region.
The firm, based in Tralee, Ireland, supplies over 15,000 food, ingredients and flavour products to customers in more than 140 countries worldwide. The growth in ingredients and flavours revenue contributed towards a reported sales revenue for the nine months to September 30 of 4.4bn.
Revenues in ingredients and flavours increased by 14.8% on a reported basis, reflecting 3.5% like-for-like growth. Continuing business volumes grew by 2.9% , "outperforming growth rates in our markets," it said in its interim management statement.
In the Europe, Middle East and Africa (EMEA) region, continuing business volumes for ingredients and flavours grew by 1.1% "despite the prevailing economic impact on consumer trends", it said.
Performance in EMEA markets continued to benefit from the South Africa based FlavourCraft business acquired in late 2011 with sweet systems performing well in the premium ice cream sector.
The statement added: "Kerry continues to progress integration of the Cargill flavours business, but development in the beverage sector proved difficult."
The Americas region achieved a 2.4% volume growth, a rise put down to acquisitions and the "layering of technologies and innovation".
"Indianapolis-based Millennium Foods was acquired in August further strengthening Kerry's technologies serving dairy, culinary and prepared meals end-use-markets," the statement added.
"Griffith do Brasil, a specialist manufacturer of meat systems, flavours and texturant systems was also acquired extending the group's capability to serve added-value growth segments of the Brazilian meat industry.
"Cereal and sweet systems continued to perform well particularly through successful innovation and launches of 'bite size' snackable products.
"In the beverage sector, Kerry's expanded beverage flavours capability, following the acquisition of Cargill's flavours business prior to year end 2011, continued to achieve excellent results. "
The 8.3% rise in continuing business volume growth for ingredients and flavours in the Asia-Pacific region was aided by strong growth in cheese sauce and yogurt beverage applications. Meat technologies also grew strongly throughout the region.
In October the company announced the establishment of Kerry Global Technology and Innovation Centre in Ireland to serve the group's global and regional customers in the EMEA Region. Kerry will invest 100M in the new EMEA Centre.