Glanbia’s revenues increased by 10.5% in the first quarter of 2021 versus the prior year, its latest financial results show.
Revenue growth was driven by improving trading conditions in North American and Asia Pacific markets for both the Glanbia Performance Nutrition (GPN) and Glanbia Nutritionals (GN) business segments, during the period, the company said.
"Globally, as we emerge from the pandemic, health, wellness and nutrition are prominent consumer trends. In our portfolio, we saw in Q1 strong consumer demand for the Optimum Nutrition brand within GPN and for vitamin and mineral premix from customers of Nutritional Solutions with revenue growth also reflecting the reopening of certain markets and channels," said Siobhán Talbot, group managing director.
"While the strong underlying demand for Glanbia’s health and wellness focused portfolio is continuing into the second quarter we remain vigilant to the continued volatile and disruptive potential of the COVID-19 pandemic," she added.
Full Year Expectations
“The strong first quarter gives us confidence for the remainder of the year,” Talbot said.
The company said it is now expecting full year adjusted earnings per share (EPS) growth to be in the upper end of the previously guided range of 6% to 12% on a constant currency basis.
Outlook
The group said it remains vigilant to the continued volatile and disruptive potential of the COVID-19 pandemic.
However, Glanbia noted it has started 2021 well with strong revenue growth in the first quarter as trading conditions have improved in key regions in North America and Asia Pacific.
This more than offset headwinds in European markets related to ongoing COVID related restrictions across the region, it added.
Glanbia is holding its AGM at 11am today at the Company’s head office, Glanbia House, Kilkenny.
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