Glanbia has reported a 17% revenue increase in its first quarter of 2020, versus the prior year, its latest financial results show.
'This was underpinned by good volume growth in both Glanbia Performance Nutrition and Glanbia Nutritionals in the period,' the group said.
The drivers of the revenue increase, on a constant currency basis, were price growth of 9.2%, volume growth of 6.3% and the Watson acquisition representing 1.5%, during the three months ended 4 April 2020.
Overall demand in its key end markets was positive in the first quarter, however greater volatility in consumer shopping behaviour was evident in recent weeks arising from COVID-19, the company said.
"The COVID-19 pandemic is a human tragedy and our priorities are to protect our people, provide essential food supplies and maintain our strong financial position," said Siobhán Talbot, group managing director.
"Our nutritious products and ingredients are essential for our consumers and to date all of our plants have largely operated to plan and maintained supply," she added.
Looking Ahead
Although the Group has traded well in its first quarter, the company said that demand became more volatile at the end of the quarter and into April particularly in GPN.
'At this time it is extremely difficult to assess the impact and duration of COVID-19 and therefore it is prudent for Glanbia to withdraw its 2020 full year financial guidance issued on 26 February 2020,' it added.
However, the group stated that its final 2019 dividend will be paid to shareholders on 24 April 2020.
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