Glanbia raises full year guidance despite Q1 revenue dip

Global nutrition group Glanbia has today upgraded its full year guidance on the back of an improved outlook for margins in its Glanbia Performance Nutrition division in the second half of the year.

In a trading update ahead of its AGM in Kilkenny today, Glanbia said its first quarter group performance was broadly in line with expectations.

Group revenue for the first quarter by declined 2.4% on a constant currency basis with pricing up 3.5%, a volume decline of 6.2% and the net impact of acquisitions and disposals delivering 0.3% growth.

Siobhán Talbot, Glanbia’s Group Managing Director, said that overall, the first quarter has progressed largely as expected for the group.

“We are pleased to be upgrading our full year guidance for growth in Group adjusted EPS to 7% to 11%, constant currency,” Ms Talbot said.

“We continued the portfolio evolution and recently completed the sale of the plc’s holding in the Glanbia Cheese joint ventures to our joint venture partner, Leprino Foods. As a result, we have increased and extended the share buyback programme announced on 1 March, from €50m to €100m,” she added.

Glanbia said its Glanbia Performance Nutrition division saw growth of 4.6% in the first three months of 2023.

It said that revenue growth was driven by price growth of 14.1% and a volume decline of 9.5%.

“ON”, the leading brand in the sports nutrition sector globally and which makes up about 60% of the GPN portfolio, delivered volume growth in the first quarter with the overall volume decline in GPN driven largely by the SlimFast brand.