Glanbia has announced that it is upgrading its full-year guidance, according to its latest interim management statement.
The better-nutrition company has reported that revenue for the first quarter declined by 2.4%, with pricing going up by 3.5% during the period.
Volume for its first quarter declined by 6.2%, and the net impact of acquisitions and disposals delivered 0.3% growth.
Commenting on the results, Siobhán Talbot, group managing director, said, “Overall, the first quarter has progressed largely as expected for the group, and we are pleased to be upgrading our full-year guidance for growth in group-adjusted EPS to 7-11%, constant currency.”
Glanbia Performance Nutrition (GPN)
GPN delivered growth of 4.6% in the first three months of 2023.
Revenue growth was driven by price growth of 14.1% and a volume decline of 9.5%.
Branded like-for-like revenue for the period increased by 5.0%, driven by price growth of 14.2% and a volume decline of 9.2%.
ON – the leading brand in the sports nutrition sector globally – which represents approximately 60% of the GPN portfolio, delivered volume growth in the period, with the overall volume decline in GPN driven largely by the SlimFast brand.
Pricing was positive across all brands and regions, following pricing action taken in 2022.
US Cheese
US cheese revenue decreased by 1.3% during the period.
This was driven by volume growth of 0.2% and a pricing decline of 1.5%, aligned with lower year-on-year market pricing, the company noted.
Joint-Venture Disposal
On 28 April 2023, Glanbia completed the sale of its shareholdings in Glanbia Cheese Limited and Glanbia Cheese EU Limited (collectively ‘Glanbia Cheese’) to Leprino Foods.
On completion, Glanbia noted that it had received €178.9 million, which included the repayment of shareholder loans.
“We continued the portfolio evolution and recently completed the sale of the PLC’s holding in the Glanbia Cheese joint ventures to our joint-venture partner, Leprino Foods,” Talbot added.
“As a result, we have increased and extended the share buy-back programme announced on 1 March, from €50 million to €100 million.”
Read More: Glanbia Delivers ‘Highest Ever’ Annual Earnings Performance In 2022
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