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LONDON (Alliance News) - Irish nutrition and ingredients company Glanbia PLC on Wednesday said revenue declined in the first quarter due to price falls which offset a marginal rise in volumes.
The company said wholly-owned revenue for the three months to April 2 was down 0.8% and down 1.9% in constant currencies year-on-year. Volumes grew 0.5% and acquisitions contributed 3.4% growth, Glanbia said, but this was wiped out by a 5.8% decline in prices, mostly due to weak dairy market conditions.
Total group revenue, including joint ventures and associates, declined 2.5% in the quarter.
The company affirmed its guidance for adjusted earnings per share growth of 8% to 10% for the full year.
"Glanbia delivered a good performance in the first three months of 2016. Our on-going strategy of building a business to deliver better nutrition via consumer brands and high-quality ingredients has mitigated the impact of weak dairy market," said Managing Director Siobhan Talbot.
Glanbia shares were down 2.1% to EUR17.18.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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