Nutrition firm Glanbia has reiterated its full-year guidance following a first quarter in which volume growth was up 1.5%, offset by a pricing decline of 6.9%.
The Ireland-based group reported a 5.5% decline in revenue in the quarter on a constant currency and pro-forma basis.
In its Glanbia Performance Nutrition (GPN) division, like-for-like revenue was down 1.9%, reflecting volume growth of 1.4% and a price decline of 3.3%. Its Optimum Nutrition arm reported 'strong volume growth' it added.
In Glanbia Nutritional Solutions (NS), meanwhile, like-for-like revenue fell 1.7% on a pro-forma basis, reflecting volume growth of 3.8% and a price decline of -5.5%.
'A Good Performance'
“I am pleased to report that Glanbia delivered a good performance in the first quarter, which was driven by the continued strong global demand for our Better Nutrition brands and ingredients," commented Hugh McGuire, chief executive.
"Consistent with our strategy to acquire complementary businesses to grow our Better Nutrition platforms, we recently completed the acquisition of Flavour Producers. This acquisition significantly expands our flavours offering and brings new capabilities in the attractive and growing natural and organic flavours market, aligned with long term consumer trends."
Full-Year Forecast
Based on the current market environment, and the group's expectations for the remainder of the year, it reiterated its forecast for a 5% to 8% increase in adjusted EPS at constant currency levels.
This will be driven by "a strong operating performance across both GPN and NS," McGuire added.
It added that a €100 million share buyback programme is 'ongoing', with €29.8 million of the first tranche of €50 million purchased in the year to date.
