Global nutrition group Glanbia has reported higher revenue for the six-month period to the end of July, and has raised its guidance for growth in the full year.

In its half year results the company reported group revenues of €2.8 billion.

That is up from €2 billion during the same period last year and represents growth of 26.8%.

The Glanbia Performance Nutrition (GPN) division reported good volume and consumption growth in performance nutrition, healthy lifestyle and direct-to-consumer brands, which was offset by continuing headwinds in the diet category and the SlimFast brand.

"I am pleased to report that half year 2022 results have exceeded our plans, demonstrating the impact of a series of actions implemented since the latter part of last year in response to unprecedented inflation," said Siobhán Talbot, Group Managing Director of Glanbia.

"Revenues grew strongly with significant pricing initiatives and volume growth in all business segments in the period.

"We continue to make progress on our strategic agenda and with the completion of the sale of the company's minority interest in Glanbia Ireland, Glanbia plc continues to evolve as a focused, purpose led global nutrition company," she added.

Ms Talbot said the company will continue to monitor inflationary trends into the second half of the year.

"But we are confident that further pricing action and operational efficiencies will deliver improving margins and strong year-on-year EBITA growth," she added.

For the first half, Glanbia reported earnings before interest, taxes and amortization (EBITA) before exceptional items of €171.7m, down from €159.9m in the first half of last year.

"Current expectations for improved EBITA growth in GPN underpin the upgrade in full year guidance for the Group, with growth in adjusted EPS now expected to be 9% to 13%, constant currency," Ms Talbot said.

"Based on current foreign exchange rates, the reported adjusted EPS growth is expected to be 21% to 25%," she added.

During the six month period, the company completed the disposal of 40% interest in Glanbia Ireland and acquired Sterling Technology, a US bioactive ingredient company.

It also returned €127.1m to shareholders in the period via share buybacks.

Shares in the company moved higher in Dublin trade today.