12th May 2015 08:22
LONDON (Alliance News) - Irish dairy and ingredients company Glanbia PLC Tuesday reported a rise in revenue in the three months to April 4 which it said benefited from the positive translation effect of a strong US dollar.
Total group revenue grew 3.7% in the period, although it would have declined by 8.8% if exchange rates had remained constant, Cambria said. This was comprised of 2.2% volume growth, 2.2% growth from acquisitions and a 13.2% pricing decline as a result of reduced dairy market prices, it added.
Wholly owned revenue was up 10.5%, but would have declined 3.6% had exchange rates stayed the same, comprised of 3.9% volume growth, a 2.5% increase from acquisitions and a pricing decline of 10% as a result of lower market prices for US cheese and dairy ingredients, Cambria added.
"Glanbia delivered a solid performance in the first three months of 2015. On a reported basis performance benefited from the positive translation effect of a strong US dollar while on a constant currency basis the group delivered a satisfactory performance against a high comparator in 2014. We reiterate our full year guidance of adjusted earnings per share growth of 9% to 11% on a constant currency basis with a reported result of over 20% if exchange rates remain at current levels for the rest of the year. We expect growth to be weighted to the second half of the year," Managing Director Siobhan Talbot said in a statement.
Shares in Glanbia were trading down 0.6% at EUR16.95 Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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