FIRST QUARTER 2024 INTERIM MANAGEMENT STATEMENT
Continued momentum in first quarter, full year guidance reiterated
01 May 2024 – Glanbia plc, the Better Nutrition company (“Glanbia”, the ‘Group’, the ‘Company’ or the ‘plc’), is issuing this Interim Management Statement for the three month period ended 30 March 2024 (“first quarter” or “Q1 2024”). This statement is issued in conjunction with the plc’s Annual General Meeting (“AGM”) which is being held today.
Highlights
- Q1 2024 Group performance in line with expectations;
- Volume growth of 1.5% offset by a price decline of -6.9%, driven largely by dairy market pricing, resulting in Group revenue for the period declining -5.5% on a constant currency and pro-forma basis;
- Glanbia Performance Nutrition (“GPN”):
- Like-for-like (“LFL”) revenue declined by -1.9% reflecting volume growth of 1.4% and a price decline of -3.3%;
- Optimum Nutrition continues to strengthen its leadership position and delivered strong volume growth in the quarter, supported by increased brand investment;
- Glanbia Nutritional Solutions (“NS“):
- LFL revenue declined -1.7% on a pro-forma basis, reflecting volume growth of 3.8% and a price decline of -5.5%;
- Volume trends continue to improve with strong growth in the premix solutions business in the quarter. Pricing decline driven largely by dairy market pricing;
- Continued progress on the strategic agenda with the acquisition of Flavor Producers, a leading US flavour platform providing flavours and extracts to the food and beverage industries, for $300 million plus potential deferred consideration;
- €100 million share buyback on-going with €29.8 million of €50 million first tranche bought in the year-to-date; and
- Reiterating full year guidance of 5% to 8% growth in adjusted EPS1.
Commenting today Hugh McGuire, Chief Executive Officer, 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.
Consistent with our strategy to acquire complementary businesses to grow our Better Nutrition platforms, we recently completed the acquisition of Flavor Producers. 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.
With the first quarter having progressed as planned, we reiterate our full year guidance of 5% to 8% growth in adjusted Earnings Per Share, which will be driven by a strong operating performance across both GPN and NS.”
2024 Outlook
Based on the current market environment and expectations for the remainder of the year, the Group reiterates its guidance and expects to deliver adjusted EPS growth of 5% to 8% constant currency in 2024.
Full details are available here