June 23, 2021
Business News

Shares in Kilkenny food giant soar after positive trading report

Shares in Kilkenny Multinational agrifood giant Glanbia rose significantly this morning on the back of a strong trading performance so far this year.

Glanbia’s revenues were up 10.5% in the first quarter of 2021 when compared to the same period in 2020, according to Glanbia’s Interim Management Statement for the first quarter for this year.

The group also has revised now revised their full-year earings per share growth and is now expected to be at the upper end of 6% to 12%.

Glanbia Group Managing Director Siobhán Talbot (pictured) said the increase was down to a number of factors.

“Revenue growth was driven by improving trading conditions in North American and Asia Pacific markets for both the Glanbia Performance Nutrition (GPN) and Glanbia Nutrition (GN) business segments,” Ms Talbot said.

“We saw in Q1 strong consumer demand for the Optimum Nutrition brand within GPN and for vitamin and mineral premix from customers of Nutritional Solutions with revenue growth also reflecting the reopening of certain markets and channels.

“While the strong underlying demand for Glanbia’s health and wellness focused portfolio is continuing into the second quarter we remain vigilant to the continued volatile and disruptive potential of the Covid-19 pandemic,” Ms Talbot added.

GPN delivered revenue growth of 14.1% in the first quarter of 2021 compared to the prior year. This was driven by volume growth of 9.5% and by a price increase of 4.6%. GPN Americas delivered 69% of total GPN revenues in Q1 2021.

GN delivered strong revenue growth in the first quarter of 2021 versus prior year. Revenue increased by 9.0% versus prior year. This was driven by a volume increase of 12.4% offset by a price decrease of 4.5%.

Volume growth in Q1 2021 was driven primarily by a strong performance in the vitamin and mineral premix business. Both dairy and non-dairy solutions drove a marginal improvement in price in the period.

On the back of the release of the report, Glanbia’s share price increased by more than 5% showing investors welcomed the positive results.

 

 

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