Currency fluctuations impact first quarter performance at Glanbia plc

Siobhán Talbot, Glanbia Group managing director,

An Interim Management Statement from Glanbia plc for the three month period ended March 31, 2018 shows Q1 revenue growth, based on constant currency, of 4.8 per cent. On a reported basis, reflecting the weaker US dollar/euro exchange rate, revenue decreased 8.1 per cent when compared to the same period in 2017.

The key driver of revenue increase on a constant currency basis was volume growth from both Glanbia Performance Nutrition (GPN) and Glanbia Nutritionals which was 7.2 per cent. Acquisitions contributed 3.6 per cent growth in revenue. Pricing declined by 6 per cent year-on-year, driven by relatively weaker dairy markets and brand investment in Glanbia Performance Nutrition.

Commenting on the figures, Siobhán Talbot, Glanbia Group managing director, said: “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 per cent to 8 per cent 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.”