Nutrition group Glanbia has reported a 25% increase in wholly-owned revenues in the first quarter of its financial year, on a constant currency basis, with both the group's Glanbia Performance Nutrition and Glanbia Nutritionals businesses showing 'good demand'.
Revenue was up 33.5% on a reported basis, while like-for-like revenues were up 23.9% in the quarter, the group said.
The group said that it has taken 'significant action' to mitigate inflation, with pricing increasing by 17.0% in the quarter.
"Glanbia continues to grow as a focused, purpose-led global nutrition company serving powerful consumer health and wellness trends," commented Siobhán Talbot, group managing director.
"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."
The group's Glanbia Performance Nutrition (GPN) arm reported like-for-like revenue growth of 14.7% in the first quarter, driven both by increased pricing as well as 'strong demand' for its sports nutrition, healthy snacking and plant based products.
Elsewhere, Glanbia Nutritionals (GN) saw like-for-like revenue up 19.0% on a constant currency basis, again driven by pricing as well as customer demand for micro-nutrients.
The period was also notable for the acquisition of Sterling Technology by GN, a US-based bioactive ingredient company focused on immunity solutions, as well as the closure of the disposal of Glanbia Ireland.
Remainder Of 2022
Looking ahead Glanbia said that it is continuing to 'successfully grow revenue' despite macro effects such as inflation, geopolitical tensions and supply chain disruption, particularly in Asia.
"The strong first quarter gives us confidence for the remainder of the year," said Talbot. "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.”
© 2022 European Supermarket Magazine – your source for the latest A-Brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.