Irish dairy and ingredients group Glanbia said today (9 May) that it has performed in line with expectations as it booked an increase in first-quarter revenues.
For the three months to the end of March, group sales grew 1.9% versus the comparable period last year, the company said in its interim statement. Volumes, however, were down 1.5% due to lower volumes in dairy ingredients.
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Revenues in the firm’s US cheese & global nutritionals division grew 9% in the first three months of the year, while sales for dairy Ireland declined 4.6%. This was largely due to lower volumes, in part as a result of on-farm quota supply management but particularly when compared with a strong performance in the prior year, the company said.
“The group is performing in line with expectations in what is a more challenging operating environment this year,” said group managing director John Moloney. “We expect to deliver earnings in the first half of 2012 which are broadly similar to an exceptionally strong first half in 2011.”
Looking ahead, Moloney said Glanbia remains focused on “strong cost management and operational execution” across the business.
The group reiterated its guidance of 5% to 7% growth in adjusted EPS, on a constant currency basis, for 2012.
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