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Irish food group Glanbia (GLB) has seen a 3.6% constant currency revenue fall in the three months to 4 April as pressure on dairy pricing took its toll.

Updating the market ahead of its AGM today, Glanbia said wholly owned revenues were up 10.5% on a reported basis, boosted by its revenues in the strengthening US dollar.

However the 3.6% constant currency revenue decline, against a tough comparative period in 2014, was comprised of 3.9% volume growth, a 2.5% increase from acquisitions but a pricing decline of 10% as a result of lower market prices for US cheese and dairy ingredients.

Total group revenue, including joint ventures and associate companies, was up 3.7% on a reported basis and declined 8.8% on a constant currency basis.

Siobhán Talbot, group MD, called the quarterly performance “solid”.

“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 9% to 11% on a constant currency basis with a reported result of over 20% if exchange rates remain at current levels for the rest of the year. We expect growth to be weighted to the second half of the year.”

Morning update

Hilton Food Group (HFG) is trading in line with expectations, the company said ahead of its AGM today. Hilton said it has “continued to grow by developing the business in existing markets and also through our geographic diversity” in the period since 29 December.

In the UK, it has expanded our production facilities and volumes have continued to build towards anticipated levels. The Irish business has shown “encouraging signs”, but for both Denmark and Sweden conditions have remained “challenging” given the macro-economic backdrop.

“The group’s financial position remains strong, underpinned by good operating cash flows, with lower capital expenditure expected this year than in 2014,” it stated.

The FTSE 100 has opened 0.9% down this morning on fears over the Greek economy, dropping back below the 7,000pts mark to 6,968.7pts.

Hilton is 1.4% down to 432.5p, while Glanbia has slipped 0.8% to €16.91. SABMiller (SAB) has opened 2% lower ahead of its annual results tomorrow – falling to 3,523p.

Yesterday in the City

The FTSE 100 couldn’t quite sustain Friday’s general election boost, losing early momentum yesterday to end the day 0.2% down to 7,029.9pts.

There was though a strong showing from the supermarkets, led by Tesco (TSCO) which closed 1.6% higher at 232.5p as rumours spread around its possible sale of Tesco Mobile and/or its Dunnhumby data business. Tesco also parted ways with auditor PwC yesterday in the wake of its profit overstatement last year.

Morrisons (MRW) was 1.1% up to 182.9p and Sainsbury’s (SBRY) also solidified its gains from Friday, rising 1.3% to 281.5p.

Conversely, Associated British Foods (ABF) was one of the FTSE’s biggest fallers, dropping 1.7% to 2,879p, while Unilever (ULVR) also fell 1.4% to 2,855p and Imperial Tobacco was 1.2% down to 3,257p.

Bargain Booze owner Conviviality Retail (CVR) ended the day 1.2% higher at 145p after posting a small quarterly revenue rise yesterday, despite a drop in like-for-like sales.

Away from the stock market, the Bank of England’s Monetary Policy Committee didn’t cause any shocks by leaving the UK’s base interest rate at 0.5% once more.