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(Alliance News) - Glanbia PLC on Wednesday reiterated its guidance for the full-year following what it hailed as a good first quarter performance, and noted the benefits of a major recent acquisition.
The London-based sports nutrition company said that its performance in the first quarter was in line with expectations.
Volume growth of 1.5% was offset by a price decline of 6.9%, contributing to a drop in group revenue of 5.5% for the period on a constant currency, pro-forma basis.
The company's Glanbia Performance Nutrition division reported a 1.9% like-for-like drop in revenue, reflecting volume growth of 1.4% and a price decline of 3.3%.
Like-for-like revenue dipped 1.7% in Glanbia Nutritional Solutions, due to volume growth of 3.8% and a price decline of 5.5%.
Full financial figures were not disclosed by Glanbia in its update.
Chief Executive Officer Hugh McGuire said: "I am pleased to report that Glanbia delivered a good performance in the first quarter, which was driven by the continued strong global demand for our Better Nutrition brands and ingredients."
Glanbia said it had made good progress on its strategic agenda in the quarter with the April acquisition of Flavour Producers, a California-headquartered plant-based flavouring and extract producer.
The acquisition was for a purchase price of USD300 million alongside a potential deferred consideration of up to USD55 million, and is expected to close within the first half of 2024.
McGuire said: "This acquisition significantly expands our flavours offering and brings new capabilities in the attractive and growing natural and organic flavours market, aligned with long term consumer trends."
The company reiterated its full-year guidance and expects to deliver 5% to 8% growth in adjusted earnings per share.
In 2023, Glanbia's adjusted EPS was 131.37 cents, up 21% from the previous year.
Glanbia also announced that it has so far repurchased EUR29.8 million worth of shares as part of its ongoing EUR100 million share buyback programme.
Shares in Glanbia were flat at EUR17.60 in London on Wednesday morning.
By Hugh Cameron, Alliance News reporter
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