Revenue at Glanbia rises by 20% in the first quarter
By Maurice Garvey
REVENUE at Glanbia rises by more than 20 per cent in the first quarter as a result of strong demand for its nutritious products and ingredients, which are predominantly sold in retail end markets.
The food group, with offices in Citywest, withdrew financial guidance for this year as a result of Covid-19.
Siobhan Talbot, Group Managing Director
According to a first quarter 2020 statement, strong demand in North America offset weaker demand in international markets where the challenges posed by Covid-19 had a greater impact.
As of April 4, net debt was €690.3 million, which represents a decrease of €119.5 million on the same period in 2019.
Glanbia has available total committed banking facilities of €1.15 billion, none of which are for renewal in the next 12 months.
Precautionary measures to preserve cash, have seen discretionary spend curtailed, working capital monitored, and capital expenditure reduced to key strategic projects.
Glanbia said that, although it traded well in the first quarter, demand became more volatile at the end of the quarter and into April, particularly in its performance nutrition business.
Siobhán Talbot, Group Managing Director said the good first quarter growth was underpinned by good performances by Glanbia Performance Nutrition and Glanbia Nutritionals.
“Overall demand in our key end markets was positive in the first quarter,” she said.
“However greater volatility in consumer shopping behaviour was evident in recent weeks arising from Covid-19 and due to uncertainty of duration and impact of this pandemic, full year 2020 financial guidance is withdrawn.”
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