Saturday 1 October 2016

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

Independent.ie reporters

Published 12/05/2015 | 08:05

Glanbia boss Siobhan Talbot
Glanbia boss Siobhan Talbot

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.

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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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