KERRY Group chief executive Stan McCarthy has said he would be pleased if turnover rose to €7bn-€8bn by 2013, despite his previous commitment to increase it to €10bn by that date.

McCarthy told the Sunday Tribune that, although he remained committed to the €10bn target, he was focusing on "growth for quality not growth for quantity".

"I certainly did make that statement [about the €10bn target but] I would also encourage people to look at our earnings over the period. If we come in with €7bn or €8bn, having doubled our earnings per share, are we all wrong? I would be very pleased with that," he said.

McCarthy's comments come days after he revealed a 3.2% fall in sales in the first six months of this year compared to the same period in 2008. Turnover for 2008 was virtually static compared to the previous year.

The Kerry boss also revealed that his company has cut volumes in its consumer food division by over 3% in recent months to increase margins. The group's trading margins rose by 60 basis points in the first half.

McCarthy ruled out a spin-off of the group's consumer foods division, which has been hit hard by the recession.