Irish food group Glanbia said it recorded a “solid” performance in the first four months of the year and is “on track” to meet its 2013 growth targets.
In an interim statement for the period ended 27 April, group revenue was up 9% on last year, with volume accounting for 5% and price growth 4%.
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Revenue in the dairy group’s US cheese & global nutritionals division grew 14%, while Dairy Ireland sales were up around 2%, the company said. Volumes in this division were 2% ahead while price increases contributed over 4%. However, the impact of price increases in the market was offset by the divestment of the Yoplait Ireland franchise in the first half of 2012.
“Overall the Group delivered a solid performance in the first four months of 2013,” said group MD John Moloney. “Trading is in line with expectations and we expect this trend to continue with growth driven by our US Cheese & Global Nutritionals segment and, in particular, Performance Nutrition.”
Moloney said there will be some “challenges” in parts of the firm’s portfolio, with market conditions expected to lead to lower year-on-year performances in Ingredient Technologies and Consumer Products.
However, first half earnings growth is expected to be stronger than the second half due primarily to the timing of market price movements. The group reiterated its guidance of 8% to 10% year-on-year growth in adjusted earnings per share.
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By GlobalDataGlanbia will announce its 2013 half year results on 21 August.
