Global food and ingredients group Glanbia has reported a 10.5-per-cent spike in revenues in the first three months of the year.
The company issued an interim management statement ahead of its AGM on 12 May, highlighting that a strong US dollar was a major factor in what it described as a "solid" financial performance.
Wholly owned revenue was up 10.5 per cent on a reported basis in the three months to 4 April 2015.
However, on a constant currency basis, wholly owned revenue declined 3.6 per cent when compared to the same period in 2014. This was comprised of 3.9 per cent volume growth, a 2.5-per-cent increase from acquisitions and a pricing decline of 10 per cent as a result of lower market prices for US cheese and dairy ingredients.
Total group revenue, including joint ventures and associates, was up 3.7 per cent on a reported basis and declined 8.8 per cent on a constant currency basis.
This was comprised of 2.2 per cent volume growth, 2.2 per cent growth from acquisitions and a 13.2-per-cent pricing decline as a result of reduced dairy-market prices.
Commenting, Siobhán Talbot, group managing director, said, "Glanbia delivered a solid performance in the first three months of 2015. On a reported basis, performance benefitted from the positive translation effect of a strong US dollar, while on a constant currency basis, the group delivered a satisfactory performance against a high comparator in 2014.
"We reiterate our full-year guidance of adjusted earnings per share growth of 9 per cent to 11 per cent on a constant currency basis, with a reported result of over 20 per cent if exchange rates remain at current levels for the rest of the year. We expect growth to be weighted to the second half of the year," she added.
© 2015 European Supermarket Magazine – your source for the latest retail news.
