Shares in nutrition supplement maker Glanbia closed more than 9% higher today after it reported first quarter like-for-like revenue growth of 7.2% with strong volume growth across all of its three segments - Performance Nutrition, Health & Nutrition and Dairy Nutrition.
In a trading update for the three months to April 4 and ahead of its AGM in Co Kildare, Glanbia said it continues to see strong demand for its brands and ingredients.
Glanbia said that like for like revenue at its Performance Nutrition division increased by 11.5%, with a volume increase of 9.2% and a price increase of 2.3%.
The company said that volume growth was driven by continued strong category growth, new distribution, lapping of a weaker comparative and innovation.
Pricing growth was as a result of price increases implemented in the Americas in the fourth quarter of last year, which was somewhat offset by promotional activity and tactical price reductions on products in the energy category.
Revenues at its Health & Nutrition division rose by 11.6%, on the back of a 12.5% increase in volume, a 0.9% decrease in price and a 3.2% increase from the impact of the acquisitions of Sweetmix and Scicore.
Glanbia said it continues to make good progress on capacity expansions in H&N in the US, China and Europe. Volume growth was driven by a strong performance in EMEA and ASPAC with continued momentum in key end-use markets, it added.
Meanwhile, revenues at its Dairy Nutrition division was up 2%, with a 6.4% increase in volume somewhat offset by a 4.4% decrease in price. It said the increase in volume was driven by strong end-use markets with demand for high end whey proteins growing strongly with double-digit volumes in protein solutions.
The decrease in price was a result of negative cheese markets in the first quarter of the year, somewhat offset by double-digit pricing in whey protein solutions, it added.
Hugh McGuire, Glanbia's chief executive, said that Glanbia delivered a strong performance in the first quarter, with group like-for-like revenue growth of 7.2% across its portfolio of better nutrition brands and ingredients, with volume growth in all three segments, benefiting from accelerating category growth and good end-use market demand.
"Performance Nutrition showed continued momentum, with like-for-like revenue growth of 11.5%, led by our Optimum Nutrition brand with volume and pricing growth. Health & Nutrition delivered double-digit volume growth driven by continued demand in its priority end-use markets. Dairy Nutrition saw strong volume and pricing growth in protein solutions," the CEO noted.
"We continue to see strong demand for our brands and ingredients and remain focused on executing on our medium-term strategy, notwithstanding the current geopolitical uncertainty," he said.
"As a result of the group's performance in Q1, we now expect adjusted EPS growth in FY 2026 to be at the upper end of the medium-term guidance range of 7% to 11% constant currency," he added.
Glanbia is holding its AGM today at the Killashee Hotel in Naas in Co Kildare.
