Glanbia revenues rise in first quarter as health and wellness trends drive sales

Outlook for year confident despite ongoing pandemic

Glanbia managing director Siobhán Talbot.

Glanbia managing director Siobhán Talbot.

 

Global nutrition group Glanbia said revenues rose amid strong demand for its performance nutrition and nutritional products.

In an interim management statement for the three months ended April 3rd, the group said revenue rose 2 per cent on a reported basis, with like for like revenue up 9.7 per cent compared with the same period a year earlier.

The performance nutrition unit saw revenue grow 6.6 per cent over the period, with like for like branded revenue up 17.6 per cent driven by strong demand in North America and Asia Pacific.

The nutritional solutions business saw volumes rise 10.3 per cent in the first quarter as demand for vitamin and mineral premix combined with solid trends in dairy solutions.

The group reported strong operating cash flow, with net debt at the end of the first quarter of €498.5 million, a fall of €191.6 million year on year.

“Globally, as we emerge from the pandemic, health, wellness and nutrition are prominent consumer trends,” said group managing director Siobhán Talbot.

“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 said the strong first quarter gave the company confidence for the remainder of the year.

The group said it expects adjusted earnings per share for the year to be in the upper end of the previously-guided range of 6 per cent to 12 per cent growth on a constant currency basis.