Kerry Group is planning to buy back up to a further €300m of its own shares after reporting an increase in sales volumes during its third quarter.
The Irish food ingredients group said the new share buyback will begin after its existing programme is completed with a formal announcement to be made before it launches.
Kerry, which supplies ingredients and flavouring solutions to food and drinks companies around the world, also maintained its earnings guidance for the full year.
Sales volumes rose 4.1pc during the third quarter, bringing growth for the first nine months of the year to 3.6pc.
Prices increased by 0.2pc during the quarter, following price reductions earlier in the year. Across the first nine months, prices were down 0.6pc.
Kerry said its profit margin also improved, with its earnings before interest, tax, depreciation and amortisation (EBITDA) margin increasing by 50 basis points during the period.
The company said this was mainly driven by its Accelerate 2.0 cost and efficiency programme, alongside the mix of products it sold and increased investment.
Foodservice was one of the main areas of growth with volumes up 5pc in the period. Kerry said this was supported by new menu products and seasonal launches.
The company reported growth across each of its three main regions, although the pace varied considerably.
Volumes in the Americas increased 4pc over the first nine months and were up 4.6pc in the third quarter alone. Growth was led by snacks, meat and beverages, while Mexico performed well across snacks and drinks.
Its Asia Pacific, Middle East and Africa business recorded the fastest growth with volumes rising 5.2pc in the first nine months and 5.7pc in the third quarter.
Europe grew at a slower pace, volumes went up 0.7pc over the nine months and 1.3pc during the latest quarter. Drinks, snacks and dairy were the main areas of growth in the region.
Kerry had net debt of €2.4bn at the end of September. The company maintained its forecast for adjusted earnings per share to increase by between 6pc and 10pc this year on a constant currency basis.
“While macro and geopolitical uncertainty continue to impact market conditions, our strong end market outperformance highlights the strength and relevance of our strategic positioning across our markets, channels and customer base,” said Edmond Scanlon, the CEO of Kerry Group.
“Our inbuilt business resiliency positions us well through this period, and we remain strongly positioned for volume growth and margin expansion, underpinned by a good innovation and renovation pipeline.”