Glanbia issued its interim management statement for the first quarter of 2024 on Wednesday morning, ahead of its annual general meeting in Kilkenny.

The company said that volume was 1.5% higher, but this was offset by a decline in pricing of 6.9%, which was mainly driven by a fall in dairy markets.

Revenue for the three-month period was 5.5% lower when compared with the same time last year.

The Performance Nutrition division continued to perform well, with volume up 1.4% and pricing 3.3% lower, leading to a drop in revenue of 1.9%.

The move in dairy markets was most pronounced in the Nutritionals division, which saw pricing in the first quarter more than 10% lower, driving a decline in revenue of 8.8%.

Headwinds

US cheese saw no change in volume sold, but a 14.3% decline in revenue, reflecting lower prices.

The company said that its SlimFast brand “continued to be impacted by headwinds in the diet category”.

Glanbia reiterated its earnings guidance for the year, saying it expected growth of between 5% and 8% per share.

Glanbia CEO Hugh McGuire said: “I am pleased to report that Glanbia delivered a good performance in the first quarter, which was driven by the continued strong global demand for our Better Nutrition brands and ingredients.”

Glanbia’s AGM is on Wednesday 1 May in Kilkenny, where the non-binding vote on the remuneration package offered to executives - including the once-off bonus of almost three-quarters of a million euro awarded to the company’s chief financial officer - will be closely watched.