Nutritional firm Glanbia has reported a 2.4% increase in group revenue in the first quarter of its financial year, however, volumes went down by 6.2% in the period.
Pricing went up by 3.5% in the period, the Irish group noted, with the net impact of acquisitions and disposals delivering 0.3% growth.
The group’s Glanbia Performance Nutrition (GPN) division reported a 5.0% increase in like-for-like revenue, driven by a pricing increase of 14.2%, while volumes fell by 9.2%.
Elsewhere, its Glanbia Nutritionals (GN) arm reported a like-for-like revenue decline of 16.4%, with pricing up by 1.0% and volumes down by 17.4%.
For the full year, Glanbia expects to report 7-11% growth in adjusted EPS, which will be driven by an ‘improved outlook’ for margins at GPN in the second half of the year, it noted.
‘Largely As Expected’
“Overall, the first quarter has progressed largely as expected for the group, and we are pleased to be upgrading our full-year guidance for growth in group-adjusted EPS to 7-11%, constant currency,” commented Siobhán Talbot, group managing director.
“While elements of the global environment remain challenging, the strength of our platforms in better nutrition, supported by the combination of pricing actions taken, operational efficiencies, and reduced input costs in the second half of the year gives us continued confidence that we will deliver strong full-year group EBITA growth, which will be largely driven by GPN.”
Talbot added that the group’s portfolio evolution is ongoing, noting that it recently sold its holding in the Glanbia joint cheese venture to partner Leprino Foods.
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