The switch by recession-hit consumers to poultry from more expensive red meats has helped MHP report a 61% rise in first quarter earnings and take aim at forecast-beat results for the full year.

The Ukrainian meat group, which is listed in London, said earnings grew to $38.9m for the January-to-March period, spurred by an 18% rise in chicken prices at a time of falling production costs.

And the attraction of domestically-produced chicken had continued to raise prices, which now stood at 14.30 Ukrainian hryvna per kilogramme, 15% above their first-quarter average.

"Customers continue substituting imported chicken and other meats with local chicken meat," Yuriy Kosyuk, MHP's chief executive said.

'Volume growth'

While the group's poultry production facilities were working at full capacity, new farming facilities and expansion in sausage output meant the group would "continue to volume growth".

"We expect to continue to at least meet current market expectations for the full year," Mr Kosyuk added.

Analysts' have pencilled in MHP sales of $668.7m this year and earnings of $1.6 per share, according to UBS.  

MHP shares closed up $0.40, or 6.2%, at $6.90 in London.