In the Nutritional Solutions sector, like for like revenue was down more than 16 per cent on lower volumes as pricing increased 1 per cent. The 17 per cent decline in volume was driven by what Glanbia described as customer supply chain rebalancing, which the group expects to normalise later in the year,
The sale of the group’s interest in cheese joint ventures was completed at the end of April, with Glanbia receiving €178.9 million. The company’s net debt at the start of April was $604.8 million, down $5.6 million compared to the same period a year earlier. The group had $1.3 billion in committed debt facilities at the end of the quarter.
“Overall, the first quarter has progressed largely as expected for the Group and we are pleased to be upgrading our full year guidance for growth in Group adjusted EPS to 7 per cent to 11 per cent, constant currency,” said Siobhán Talbot, group managing director. “We continued the portfolio evolution and recently completed the sale of the plc’s holding in the Glanbia Cheese joint ventures to our joint venture partner, Leprino Foods.
Glanbia also appointed Gabriella Parisse, current president and chief executive of Velcro Companies, as independent non-executive director from June 1st. That follows the retirement of Patsy Ahern and John Murphy from the board, reducing Tirlán’s representation on the board to three directors.
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