Global nutrition group Glanbia has reported revenue growth of 4.8% in the first quarter of 2018 on a constant currency basis.

In a trading update ahead of its AGM today, the company said the main driver of the quarterly growth was volume increases in both its Glanbia Performance Nutrition and Glanbia Nutritionals divisions.

But when the weaker dollar-euro rates are factored in, revenues for the three month period fell by 8.1% compared to the same time last year.

Glanbia's group managing director Siobhán Talbot said the year had started as planned for the company.

"We reiterate our full year guidance of 5-8% growth in adjusted earnings per share, constant currency, from the continuing group in 2018," Ms Talbot added.

The company said that earnings growth is expected to be delivered in the second half of the year as comparative dairy market pricing and planned investments will result in a reduced performance in the first half of the year.

Breaking down its businesses, Glanbia said its GPN division saw revenues increase by 9.3%, which was partly offset by a price decline of 4%. 

The division saw volume growth in both the US and other key international markets.

Glanbia's GN division saw revenues rise by 1.1% - in line with expectations. It said this was driven by a volume increase of 8.6%, which was offset by a price decline of 7.5%.

In today's statement, Glanbia said its balance sheet is in a strong position and total capital expenditure this year is expected to be about €75-85m, it added.

Glanbia shares were lower in Dublin trade today.