Glanbia strategy 'on track' as group delivers revenue growth of 8.4pc
Head of Glanbia, Siobhan Talbot, has said the group’s strategy "remains on track" as it reported an 8.4pc increase in revenue in the three months to 31 March.
Glanbia Nutritionals was the main driver of revenue growth, with a good performance in particular from the Nutritional Solutions business, the group said in a trading update.
Meanwhile, revenue growth from Glanbia Performance Nutrition in the first quarter of the year was driven by a "strong" performance from the recently acquired SlimFast brand.
“Our strategy remains on track and we reiterate our full year guidance of 5pc to 8pc growth in adjusted earnings per share, constant currency, in 2019, with growth to be delivered in the second half of the year," Ms Talbot said.
The trading update comes ahead of Glanbia’s AGM today where directors are expected to come under fire over plans to hike chief executive Siobhan Talbot's multimillion euro pay package by a further 22pc.
Ahead of the AGM, two prominent investor advisor groups have recommended rejection of the proposed salary increase.
During the three month period, revenue from its US Cheese division increased by 5.5pc.
Elsewhere, revenues from Joint Ventures ("JVs") increased by 14.9pc in the first three months of 2019. This was driven by volume growth of 13.6pc, mainly from Glanbia Ireland and the SwC JV, and a price increase of 1.3pc as a result of "improved" year-on-year dairy markets.
Despite the "improved" performance, Glanbia Ireland's farmer suppliers were hit with a 1c/L cut for March milk supplies.