Nutrition group Glanbia has reported a 5.9% increase in EBITDA in the first half of its financial year, however revenues in the period were down 10%.
The Irish group's two main divisions reported a mixed performance during the period, with its Glanbia Performance Nutrition (GPN) business seeing like-for-like branded revenue up 3.7%, largely driven by increased pricing (10.9%).
Volumes in the division were down 7.2%.
Within the GPN segment, the Glanbia's Optimum Nutrition brand reported like-for-like revenue growth of 16.2%, with both volumes and pricing up.
Elsewhere, its Glanbia Nutritionals - Nutritional Solutions (GN NS) business reported a 15.2% decline in like-for-like revenue, with volumes falling by 10.4%. Pricing in the division was 4.8% lower.
Glanbia said that it reported a 'sequential improvement in volumes' in GN NS during the period, however.
'Ahead Of Expectations'
“I am pleased to report that Glanbia’s performance in the first half of the year was ahead of our expectations, as the group successfully navigated some continuing volatility in global market conditions," commented Siobhán Talbot, group managing director.
"This was driven by a strong operating performance, continued demand for our better nutrition brands and ingredients and the exceptional commitment of our people."
Glanbia has announced that it is upgrading its guidance for full-year 2023, with adjusted earnings per share now expected to grow by between 12% and 15% on a constant currency basis.
"Our earnings momentum in the first half of 2023 was driven by a good performance in GPN, as growth in revenue, earnings and margin reflected a strong global performance for our flagship Optimum Nutrition brand," Talbot added.
"GN’s first half performance was in line with expectations, as customer supply chain rebalancing trends reduced volumes."