Chief Kerry considering the bad weather payments

  • Chief Kerry considering the bad weather payments
    Independent.t. E.
    CEO of Kerry group, Edmond Scanlon considers support for new payment scheme for milk suppliers, with a large number of farmers suffering from the effects of extreme this year weather.
    https://www.independent.ie/business/irish/kerry-chief-mulls-bad-weather-payments-37201447.html
    https://www.independent.ie/business/irish/article37201446.ece/0fddf/AUTOCROP/h342/2018-08-10_bus_43158517_I1.JPG

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CEO of Kerry group, Edmond Scanlon considers support for new payment scheme for milk suppliers, with a large number of farmers suffering from the effects of extreme this year weather.

Yesterday Mr. Scanlon told reporters in Dublin that such a scheme was “something we are going to have to look at”.

“There’s a package of things that we see in terms of the different types of support. We need to see in a couple of months of trade as weather goes… but of course, we will not be found wanting, as an organization, to help our farmers.” Around 14pc hole saw company is owned by co-op Kerry.

He said he was more optimistic about the prospects for rising prices of milk than he was in February. “Overall, we are quite optimistic that the price of milk will suffice. At the end of the day, a Group Kerry does not set the price of milk, is a market event, but we are doing everything possible to drive volatility out.”

He said the company may spend as much as €800 million on acquisitions this year and that its production in this respect was as strong as he had ever seen. “We very much see ourselves as a consolidator in our space. We feel very good about where we are,” Mr. Scanlon said, adding that the plan will be largely focused on taste and nutrition division. However he said that approaching €800 m to spend will depend on the timing of the closing of the transaction.

This Department – which contains ingredients other firms is much more than the other division, which makes consumer products such as Danny and Cheestrings.

The company posted revenue growth of 1.4 PC year-on-year in the first half. Sales volumes rose by 3.6 PC, but the income has been constrained by currency movements.

Volumes grew 4.1 PC in the flavor and nutrition division and 1.3 PC in the division consumer products.

Asked if the company may ultimately look to sell the consumer products business, Mr. Scanlon said: “the business is becoming less in the overall scheme of things [in the proportion of the company’s revenues and profits that he earns up] but it’s still an important stage on a stool.

“It offers a lot of ideas, because it is positioned in the UK market, the rest of the business. The business is growing, it is ahead of its markets, they are signs of good business”. Shares in Kerry group rose yesterday by 1.9 PC in Dublin at €93.85 each.

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