Wednesday 18 October 2017

Glanbia reports sales jump by 10.5pc on back of strong dollar

Glanbia boss Siobhan Talbot
Glanbia boss Siobhan Talbot

Independent.ie reporters

Irish food giant Glanbia saw its sales increase by 10.5pc in the three month period to 4 April, the company said in a an interim management statement published today.

However, when currency translations were removed wholly owned revenue declined by 3.6pc when compared to the same period in 2014.

This was a result of lower market prices for US cheese and dairy ingredients.

Total group revenue, including joint ventures & associates, was up 3.7pc on a reported basis as the firm benefited from the strong dollar but down 8.8pc on a constant currency basis.

Group managing director Siobhán Talbot said: “On a reported basis performance benefited 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 9pc to 11pc on a constant currency basis with a reported result of over 20pc if exchange rates remain at current levels for the rest of the year.”

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