Global nutrition group Glanbia (GLB) has reported 4.8% revenue growth in the first quarter of 2018 at constant currency with a solid performance from its nutrition interests, US cheeses and its joint ventures.
Glanbia Performance Nutrition delivered good revenue growth in the first three months of 2018. Revenue increased by 9.3% year on year – driven by volume growth of 5.5%. The Body & Fit acquisition delivered 7.8%, offset by a price decline of 4.0%.
Glanbia Nutritionals delivered revenue growth in line with expectations in the first three months of 2018. Revenues increased 1.1%, driven by a volume increase of 8.6% offset by a price decline of 7.5%.
Nutritional Solutions revenue declined by 3.6% in the period, driven by volume growth of 2.6% which was across dairy and non-dairy ingredients offset by a price decline of 6.2% which was related to relatively lower year on year dairy prices.
US Cheese revenue increased 5%, helped by volume growth of 13.7% because of the timing of customer off-takes versus the previous year. Pricing declined by 8.7% as a result of reduced cheese markets year on year.
Siobhán Talbot, group managing director, said: “Glanbia delivered positive revenue growth of 4.8%, constant currency, in the first quarter of 2018 from wholly owned continuing operations.
“Glanbia Performance Nutrition was the main driver of revenue growth with continued good volume momentum across key markets. Glanbia Nutritionals also delivered volume growth across its portfolio.
“The year has started as planned and we reiterate our full year guidance of 5% to 8% growth in adjusted earnings per share, constant currency, from the continuing group (pro-forma) in 2018 with growth to be delivered in the second half of the year.”