Kerry embarks on 300m share buyback programme after sales rise 1.9% in Q1 [Video]

Kerry Group has announced a €300m share buyback programme after reporting a 1.9% increase in Q1 sales, and volume growth of 3.1% in its core Taste & Nutrition division.

Concurrently, the group decreased prices by 5.3%, and 3.9% in Taste & Nutrition, amid wider deflation in the dairy market.

When accounting for the effect of disposals and unfavourable currency exchange revenues actually fell 9.9%.

Kerry increased its group EBITDA margin by 140 basis points overall, and by 70 basis points in its Dairy Ireland section.

“We are pleased to report a good start to the year given market dynamics.

“Taste & Nutrition achieved good volume growth driven by a strong performance within our foodservice channel and we delivered strong margin expansion in the period reflecting the continued development and evolution of our business,” said Edmond Scanlon, CEO of Kerry.

“Consumer market dynamics remain similar to those outlined at our full year results. As …