Belfast Telegraph

Food giant Glanbia's revenue has increased by 10.5%

By Paul O'Donoghue

Irish food giant Glanbia saw its revenue increase by 10.5% in the three-month period to April 4, the company said in an interim management statement published yesterday.

However, when currency translations were removed, wholly owned revenue fell by 3.6% compared to the same period in 2014.

This was a result of lower market prices for US cheese and dairy ingredients.

The firm - whose ingredients division bought the milk supply business of Fivemiletown Creamery in Co Tyrone - said that on a reported basis, its performance benefited from the positive translation effect of a strong US dollar against the euro.

The company generates a significant portion of its earnings in dollars and reports in euro, and constant currency reporting is used to get rid of the translational effect of foreign exchange on its results.

Total group revenue, including joint ventures and associates, was up 3.7% on a reported basis.

Belfast Telegraph