In a statement published on Glanbia.com, Glanbia plc has issued an interim management statement for the three month period that ended on 2 April 2022 ("first quarter" or "Q1 2022" or "Q1"). The statement was issued in conjunction with the plc's AGM, which is being held today (Thursday 5 May).
First Quarter Data
According to the statement published on Glanbia.com, Q1 2022 wholly-owned revenues were up 25.0% on a constant currency basis (up 33.5% reported) versus the prior year due to good demand across both Glanbia Performance Nutrition (GPN) and Glanbia Nutritionals (GN); significant action was taken across the group to mitigate inflation with pricing being increased by 17.0% and volume growth being sustained at 6.9%; there was Q1 like-for-like (LFL) wholly-owned revenue growth of 23.9% versus the prior year; GPN delivered LFL revenue growth in Q1 2022 of 14.7% on a constant currency basis; GN Nutritional Solutions (NS) delivered LFL revenue growth in Q1 2022 of 19.0% on a constant currency basis; NS acquired Sterling Technology, a US bioactive ingredient company focused on immunity solutions, for $60 million plus deferred consideration; the Glanbia Ireland disposal closed during Q1; there was net debt at the end of Q1 2022 of €552.3 million (Q1 2021, €498.5 million), with significant borrowing capacity on balance sheet; and, following a strong first quarter, Glanbia is raising guidance and now expects to deliver 5% to 10% growth in adjusted EPS on a constant currency basis.
Statement By Group Managing Director
The statement published on Glanbia.com included a statement from goup managing director Siobhán Talbot that said, "I am pleased to announce a strong 2022 first quarter performance for Glanbia. Glanbia continues to grow as a focused, purpose-led global nutrition company serving powerful consumer health and wellness trends. This strategy underpins our growth, which continued in first quarter of 2022 with revenues up 25.0%, on a constant currency basis, versus prior year. Inflation remains a key dynamic for Glanbia and we have taken significant mitigating actions across the group by increasing prices by 17.0% in the first quarter and delivering volume growth of 6.9% while managing our cost base prudently. The GPN consumer branded business has performed well delivering volume growth across performance nutrition, healthy snacking and plant based brands as consumer demand for our brands remains robust. Our NS ingredients business delivered an excellent quarter as customer demand across micro-nutrients in particular remains strong.
"We have maintained momentum on our strategic agenda in the period by completing the disposal of our interest in the Glanbia Ireland joint venture as well as acquiring Sterling Technology, a bioactive ingredient company, which builds on our offering in immunity solutions in NS. To-date in 2022 we have also invested €123.4 million in share buybacks.
"The strong first quarter gives us confidence for the remainder of the year and we have raised our expectations for full year 2022, and now expect to deliver between 5% to 10% growth in adjusted EPS on a constant currency basis."
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