Kerry Group has released its financial results for the first quarter (Q1) for the 2021 financial year.

The group's QI Interim Management Statement is issued in conjunction with its AGM, which is being held today (Thursday, April 29).

Kerry is reporting a revenue decrease of 3.5%, while the group's trading margin decreased by 50 basis points (bps). This was due to Covid-related costs and an adverse foreign exchange impact.

The figures show an increase in business volume growth of 1.9%. The taste and nutrition side of the business saw a volume growth of 2%, while volume growth of 1% was recorded in the consumer foods division.

Edward Scanlon, Kerry CEO, said: "We saw significant variability and highly dynamic market conditions right across our end use markets, channels and regions. Against this backdrop, I am very pleased with the business momentum we saw as we moved through the quarter.

Scanlon noted that the Asia Pacific/Middle East/Africa (APMEA) region delivered strong growth throughout the period.

According to Scanlon, the Americas had a strong finish to the quarter, while business in Europe was more impacted.

"The good business momentum has been supported by an increase in the level of innovation in a number of key markets," he said.

The Kerry statement noted that market conditions remain variable as differences in recovery are emerging across the regions.

A number of countries are seeing substantial reopening activity and increased consumer confidence, while others continue to adapt to changing conditions.

Global markets saw at-home consumption remain elevated with changes in work practices and daily routines.

The overall recovery in the food service channel slowed in the period before showing signs of recovery, as countries advanced their vaccine roll-out programmes.

Trends include a demand for health and immunity enhancement; plant protein options; and products addressing sustainability.

In the period the group had business volume growth of 1.9%; a pricing increase of 0.5%; an adverse transaction currency impact of 0.2%; contribution from business acquisitions of 1.0%; and an adverse translation currency impact of 6.7%; resulting in a reported revenue decrease of 3.5%.

Some of the key facts and figures outlined in the management statement include:

Kerry says that, at the end of March, net debt decreased slightly to €1.9 billion. The group's consolidated balance sheet "remains strong", the statement said.

As announced on February 16, the group has proposed a final dividend of 60.6c per share for approval at the AGM.