Glanbia delivered good revenue growth in the first three month period ended 1 April 2017, according to its latest Interim Management Statement.
The global nutrition group, outlined that the statement is issued in conjunction with the Glanbia plc’s Annual General Meeting which is being held today (26 April).
It showed that its wholly owned revenue increased 7.0% on a reported basis and was up 4.7% on a constant currency basis when compared to the same period in 2016.
Reportedly, Glanbia Nutritionals (GN) performance was a key factor to its overall growth as it delivered a revenue growth of 10.3%.
Commenting today, Siobhán Talbot, group managing director said: “Glanbia delivered good revenue growth in the first three months of 2017." Glanbia Nutritionals had a good performance and was the main driver of growth."
Allied to this, Glanbia Performance Nutrition (GPN) delivered in line with expectations in the first three months of the year.
Talbot said, "Glanbia Performance Nutrition delivered in line with expectations, as a strong performance in non U.S. markets countered some challenges in the U.S. market." Talbot added.
Talbot also said that the outlook for the remainder of 2017 is positive. It reiterated its guidance that on a pro-forma basis, adjusted earnings per share for the continuing Group is expected to grow between 7% - 10% constant currency for full year 2017.
"The outlook for the remainder of 2017 is positive and we reiterate our full year guidance of 7% to 10% growth in adjusted earnings per share, constant currency, from the continuing Group (pro-forma*) with growth weighted to the second half of the year."
Today, Glanbia also announced that it has signed binding transaction agreements with Glanbia Co-operative Society Limited to sell to Glanbia Co-op a 60% interest in the Dairy Ireland segment and related associate businesses.
© 2017 - Checkout Magazine by Donna Ahern
