Glanbia revenue slides 2.5pc as dairy prices take toll
Revenue at Glanbia fell by 2.5pc on a reported basis in the first three months of the year with falling dairy prices continuing to have an effect on sales.
The company's sports nutrition arm Glanbia Performance Nutrition (GPN) continued to perform strongly as revenues jumped by 5.6pc thanks in the most part to increases from acquisitions.
Glanbia managing director Siobhán Talbot said the firm delivered a "good performance" in the opening quarter of the year despite a dip in revenue.
"Our growth platforms of GPN and Global Ingredients delivered volume growth in the first quarter. Our on-going strategy of building a business to deliver better nutrition via consumer brands and high-quality ingredients has mitigated the impact of weak dairy markets," Ms Talbot said.
GPN reported strong volume growth of 2pc in the first three months of the year and the firm says its thinkThin acquisition is performing well with its period of integration on track.
"The outlook for the remainder of 2016 is positive and we reiterate our full year guidance of adjusted earnings per share growth of 8pc to 10pc on a constant currency basis," Ms Talbot said.
Revenue in its Global Ingredients business dropped by 5.2pc in the first three months of the year despite volume growth of 1.5pc.
Net debt at the firm stood at €677m at the end of April, representing an increase of €93m on the same time last year.