Global nutrition group Glanbia said it raised prices by 17% in the first quarter as it took what it called "significant mitigating" actions to deal with inflation.
In a trading statement for the three months to the end of April and ahead of its AGM today, Glanbia said it had managed its cost base prudently.
Together with volume growth of almost 7%, the company's reported revenue rose by up 33.5%.
It said it had raised expectations for its full year performance and now expects to deliver between 5% to 10% growth in adjusted EPS on a constant currency basis, up from a forecast of 2% to 8% in March.
Glanbia said it saw good demand across both its Glanbia Performance Nutrition and Glanbia Nutritionals divisions.
"The GPN consumer branded business has performed well delivering volume growth across performance nutrition, healthy snacking and plant based brands as consumer demand for our brands remains robust," Glanbia said.
"Our NS ingredients business delivered an excellent quarter as customer demand across micro-nutrients in particular remains strong," it added.
The company said its Glanbia Performance Nutrition division reported revenue growth of 15.7% in the first quarter of 2022 compared to the last year.
It said this was a strong performance in the context of the previous year's comparative and was driven by a price increase of 13%, a volume increase of 1.7% and the LevlUp acquisition adding 1%.
It noted that volume performance was driven by good growth in performance nutrition, healthy snacking and plant based categories offset by declines in the diet category.
Price improvement was driven by the impact of price increases which were implemented in the third quarter of 2021 and in the first quarter of 2022, it added.
Meanwhile, its Glanbia Nutritionals division - which produces dairy products - also saw strong revenue growth in the first quarter of 2022 on the same time last year.
Revenue increased by 29.3% driven by a volume increase of 9.4%, a price increase of 18.8% and acquisitions delivering 1.1% revenue growth.
On April 1, Glanbia completed the disposal of its 40% interest in the Glanbia Ireland joint venture to Glanbia Co-operative Society Limited for €307m. The group said it expects a net exceptional gain related to the deal.
"Glanbia continues to grow as a focused, purpose-led global nutrition company serving powerful consumer health and wellness trends. This strategy underpins our growth, which continued in first quarter of 2022 with revenues up 25%, on a constant currency basis, versus prior year," Glanbia's Group Managing Director Siobhán Talbot said .
"Inflation remains a key dynamic for Glanbia and we have taken significant mitigating actions across the Group by increasing prices by 17% in the first quarter and delivering volume growth of 6.9% while managing our cost base prudently," Ms Talbot added.
"The strong first quarter gives us confidence for the remainder of the year and we have raised our expectations for full year 2022, and now expect to deliver between 5% to 10% growth in adjusted EPS on a constant currency basis," she added.
The company is holding its AGM today, just days after activist investor Clearway Capital called for a break-up of the nutrition supplement maker.
Clearway wants the board to look immediately at spinning out its Glanbia Performance Nutrition (GPN) unit, which produces sports nutrition products and brands such as SlimFast, which it says would help boost the company's value to more than €6 billion.
Glanbia shares moved higher in Dublin trade today.
