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
