Global nutrition group Glanbia said its revenues for the first quarter of 2021 were up 10.5% on a constant currency basis compared to 2020 due to good demand across both its Glanbia Performance Nutrition and Glanbia Nutritionals divisions.
In a trading update ahead of its AGM today, Glanbia said the strong first quarter gives it confidence for the rest of the year.
The company's shares moved higher in Dublin trade today after it said it was now expecting full year adjusted EPS growth to be in the upper end of the previously guided range of 6% to 12% on a constant currency basis.
Glanbia said that its Glanbia Performance Nutrition division saw like for like revenue growth of 17.6% on the back of strong demand in North America and Asia Pacific.
Nutritional Solutions, part of its Glanbia Nutritionals division, reported volume growth of 10.3% driven by strong customer demand for vitamin and mineral premix and solid trends in dairy solutions.
Glanbia said it had started 2021 well with strong revenue growth in the first quarter as trading conditions have improved in key regions in North America and Asia Pacific.
It said this more than offset headwinds in European markets related to ongoing Covid related restrictions across the region.
"Some revenues in the first quarter are attributable to the reopening of channels and markets, however there is strong underlying demand for Glanbia's health and wellness focused portfolio which is continuing into the second quarter," the company said.
"Glanbia is confident of delivering good revenue growth in both GPN and Nutritional Solutions in 2021 assuming restrictions continue to ease in key markets," it added.
Glanbia also said its US Cheese revenue increased by 6.5% in the three month period. This was driven by volume growth of 13.4% offset by a price decline of 6.9%.
Siobhán Talbot, Group Managing Director of Glanbia, said that as the world emerges from the pandemic, health, wellness and nutrition are prominent consumer trends.
"In our portfolio, we saw in Q1 strong consumer demand for the Optimum Nutrition brand within GPN and for vitamin and mineral premix from customers of Nutritional Solutions with revenue growth also reflecting the reopening of certain markets and channels," Ms Talbot said.
"While the strong underlying demand for Glanbia's health and wellness focused portfolio is continuing into the second quarter we remain vigilant to the continued volatile and disruptive potential of the Covid-19 pandemic," she added.
Glanbia shares moved higher in Dublin trade today.
