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Glanbia PLC said on Thursday it is raising its outlook for 2022 after strong revenue growth in the first quarter of the year.
For the first three months of 2022, the Kilkenny, Ireland-based nutrition company said wholly-owned revenue grew 34% year-on-year, or 25% in constant currency and 24% on a like-for-like basis. This was due to strong demand across Performance Nutrition and Nutritionals.
Performance Nutrition and Nutritional Solutions revenue grew by 15% and 19% respectively on a constant currency basis.
Shares in Glanbia were 3.5% higher at €11.71 each in London on midday Thursday.
Glanbia said inflation was mitigated through pricing actions. Prices increased by 17% and volume growth remained steady at 6.9%.
‘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 earnings per share on a constant currency basis,’ said Managing Director Siobhan Talbot.
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