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