Kerry, in its nine-month interim statement, reports an increase in volumes of 3.2% to the end of September compared with the same period last year. Its ingredients business saw the largest increase with volumes up 3.4%, while consumer foods increased volumes by 2.6%. Kerry maintained its outlook for the full year, reiterating full guidance in the range of 6% to 9%.

Health, nutrition and wellness trends continue to provide a positive headwind for the group as it makes good progress consolidating its global infrastructure.

Despite improving global economic conditions, the group said consumer demand in developed markets remains weak. International primary dairy market price returns continued to be affected by increased output in exporting countries.

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Revenues increased by 4.3%, reflecting the 3.2% increase in volumes, while prices declined by 2.8% against a background of approximately 6% lower raw material costs. There was a 7.7% positive currency translation impact and a negative 3.8% net business acquisitions or disposals impact. Margins increased by 40 basis points in the period.

Ingredients achieved 3.4% volume growth in the nine months, while pricing declined by 2.9%. Kerry maintained solid growth in Asia, where volumes increased by 7.9%, despite the slowdown in regional economic growth.

Consumer foods saw business volumes increase by 2.6% with pricing 2.4% lower. Trading profit margin improved by 20 basis points, reflecting the improved product mix and business efficiency programmes.

At the end of September, net debt stood at €1.4bn a slight increase reflecting acquisitions. Kerry also issued a Eurobond in September where it issued €750m of 10-year notes at an annual coupon (interest rate) of 2.375%. The bonds, which are listed on the Irish Stock Exchange, provide Kerry with an additional source of debt finance and significantly extend the maturity profile of group debt. This gives Kerry the firepower to pay down debt and/or fund acquisitions in the future.

Last month, Kerry acquired three businesses in the US in taste and nutrition for $735m. These businesses had revenues of $301m in 2014 and earnings (EBITDA) of $59m.