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(Alliance News) - Glanbia PLC on Thursday lifted full year earnings per share guidance, reflecting an improved outlook for margins in its performance nutrition business.
In a trading update the Kilkenny, Ireland-based nutrition firm said performance in the first quarter of 2023 was broadly in line with expectations, with revenue down 2.4% on a constant currency basis.
Pricing was 3.5% higher but volumes fell 6.2% while the net impact of acquisitions and disposals delivered 0.3% growth.
Glanbia Performance Nutrition saw like-for-like branded revenue climb 5.0%, with pricing up 14.2% and volume down 9.2%. Full year margins are expected to grow to between 12.5% and 13.5%.
This improved outlook for margins at GPN led Glanbia to increase its forecast for adjusted earnings per share to between 7% to 11%.
Glanbia Nutritionals Nutritional Solutions arm reported a 16.4% drop in revenue, reflecting more modest price increases of 1% and a 17.4% drop in volume.
Group Managing Director Siobhan Talbot said: "The combination of pricing actions taken, operational efficiencies, and reduced input costs in the second half of the year gives us continued confidence that we will deliver strong full year group EBITA growth, which will be largely driven by GPN."
Shares in Glanbia in 3.9% to EUR13.86 in London on Thursday.
By Jeremy Cutler, Alliance News reporter
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