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Glanbia ‘Dairy Ireland’ Portfolio Enjoys Successful Q1

Glanbia’s ‘Dairy Ireland’ portfolio, which includes its Consumer Products business, saw its revenues rise by 7.4% in the first quarter of the year, according to an interim management statement issued this morning (12 May).

A combination of volume growth of 5.2% and price increases of 2.2% led to the increase in revenue in the period to 4 April 2015.

Glanbia said that the growth of ‘value added branded milk sales’, such as the recently-launched Avonmore Protein Milk, helped drive sales.

‘Consumer Products had a positive first quarter,’ it said. ‘Revenues grew as a result of volume increases associated with new business gains and the growth of value added branded milk sales supported by an extensive development programme.

‘Business performance has improved as a result of the on-going cost improvement programme across the business.’

Overall, wholly owned revenue for Glanbia was up 10.5% on a reported basis in the period. On a constant currency basis, wholly owned revenue declined 3.6% when compared to the same period last year, however this was chiefly due to a pricing decline of 10% as a result of lower market prices for its US cheese and dairy ingredients.

“Glanbia delivered a solid performance in the first three months of 2015,” said Siobhán Talbot, Group Managing Director. “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.”

© 2015 - Checkout Magazine by Stephen Wynne-Jones

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Enjoy the most important stories from the world of Irish grocery retail, curated for you by our team of experts every week.
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