Global food and ingredients group Glanbia has reported a "solid" performance in the first three months of this year as it repeated its full year earnings guidance.

The company issued an interim management statement ahead of its AGM today.

It said that on a reported basis, its performance benefited from the positive translation effect of a strong US dollar against the euro. 

"We reiterate our full year guidance of adjusted earnings per share growth of 9% to 11% on a constant currency basis with a reported result of over 20% if exchange rates remain at current levels for the rest of the year," commented the company's group managing director Siobhán Talbot. 

The company generates a significant portion of its earnings in dollars and reports in euro and constant currency reporting is used to get rid of the translational effect of foreign exchange on its results.

Glanbia said it expects its growth to be weighted to the second half of the year.

The company noted that its Dairy Ireland business saw revenues grow by 7.4% and its outlook for the rest of the year is positive as the business benefits from cost improvements.

Revenues at its Global Ingredients division fell by 13.3% in the first quarter as volume growth of 10.7% was offset by a pricing decline of 24% mainly due to lower US cheese market prices. 

However, Glanbia said the division was expected to deliver an overall improved performance for 2015 compared to 2014 as its portfolio of products expands.

Glanbia said its Consumer Products division had a "positive" first quarter and the business performance has improved as a result of the on-going cost improvement programme.

"The outlook for the remainder of the year is broadly positive and the business expects to build upon its 2014 performance," today's statement said.

Shares in the company were 1.4% by the close of business in Dublin trade.