Launches 300 mln eur share buyback (Il Sole 24 Ore Radiocor) - Dublin, 02 May - The Irish food company Kerry Group said that in the first quarter revenue fell 9.9% year on year.

Revenue comprised volume growth of 1.9%, pricing deflation of 5.3%, the effect from disposals net of acquisitions of 5.1% and unfavourable translation currency of 1.4%. Group EBITDA margin increased by 140 basis points driven by cost efficiencies, portfolio developments and the effect of pricing, it added.

Kerry Group said that the carve-out acquisition of part of the global lactase enzyme business of Novonesis and Novozymes was completed at the end of April. "This acquisition is strongly aligned to Kerry's recent strategic enhancement of its biotechnology capabilities, while extending Kerry's enzyme manufacturing capabilities and footprint to three continents with its focus on food, beverage and pharma applications," it added.

At the end of March, net debt was 1.7 billion euros.

The company announced it will commence in May a share buyback programme of up to 300 million euros of Kerry Group plc ordinary shares, subject to approval at today's AGM. The buyback will complete by year end at the latest, it added.

Reflecting the new share buyback programme, the group updated its adjusted earnings per share guidance range to 5.5-8.5% growth in constant currency. The previous guidance was for growth of 5-8%.

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(RADIOCOR) 02-05-24 11:45:52 (0288) 5 NNNN