Shares in Kerry Group jumped to a record high of €102 this week after the company reaffirmed its profit outlook for 2019. Kerry Group shares are up almost 4% in the last week and closed out trading on Tuesday at €102, meaning the company is valued at just under €18bn for the first time. This values the co-op’s share at €2.5bn.

The company said revenues in the first three months of 2019 were up more than 10% on the same period last year

Announcing a first-quarter trading update last week, Kerry Group reiterated its profit forecast that adjusted earnings will grow by 6% to 10% for 2019. The company said revenues in the first three months of 2019 were up more than 10% on the same period last year.

This was driven by volume growth of almost 4% in its taste and nutrition business, which more than offset a near 1% decline in consumer foods sales volumes. Pricing in the first quarter was back slightly (-0.2%), reflecting lower raw material prices.

Profit margins widened slightly (+10bps) as a result of higher profit margins in its taste and nutrition business and continued cost reductions.