Glanbia revenues up significantly in first three months of 2017
Glanbia has announced that in the three months ended 1 April 2017, wholly owned revenue increased 7.0% on a reported basis and was up 4.7% on a constant currency basis when compared to the same period in 2016.
This was driven by pricing growth of 2.1% mainly as a result of improved dairy markets versus prior year, volume growth of 1.7% and a contribution from acquisitions of 0.9%.
Total Group Revenue, including Glanbia's share of Joint Ventures and Associates, increased 9.6% on a reported basis and 7.7% on a constant currency basis.
Commenting today, Siobhán Talbot, Group Managing Director said Glanbia delivered good revenue growth in the first three months of 2017.
"Glanbia Nutritionals had a good performance and was the main driver of growth.
"Glanbia Performance Nutrition delivered in line with expectations, as a strong performance in non U.S. markets countered some challenges in the U.S. market.
Talbot said the outlook for the remainder of 2017 is positive and she reiteratef Glanbia's full year guidance of 7% to 10% growth in adjusted earnings per share, constant currency, from the continuing Group (pro-forma*) with growth weighted to the second half of the year.
"Our strategic initiatives remain on track; we have completed the acquisition of Body & Fit, have signed binding legal agreements, subject to certain approvals, to sell 60% of the Dairy Ireland segment to Glanbia Co-operative Society Limited and continue to plan with our partners in the US for the creation of a new joint venture to build a scale cheese and whey plant in the State of Michigan," she saiid.