Glanbia plc's interim management statement shows the effect of inflation and currency moves this year on the company's performance.

Across the company, it was price increases that drove revenue, with pricing up 20.9%, while volume growth barely increase, rising just 0.8%. Acquisitions during the period added 1.4%.

Looking at the divisional level, Glanbia Performance Nutrition growth of 14.4% was entirely driven by pricing, with volume actually dropping by 1.2%.

At Nutritional Solutions, it was a similar story, with 14.5% growth backed by pricing at 17.7% and a 3.2% drop in volume.


Management blamed the volume drop at Nutritional Solutions to a timing in dairy ingredients.

The scale of the currency moves this year are providing a clear boost to the company's bottom line, with adjusted earnings per share (EPS) seen at 10% to 13% on a constant-currency basis, which means calculating the earnings based on 2021 currency rates to provide a fair comparison to last year.

However, using 2022 fx rates, the company expects EPS to rise 26% to 29% this year.

The fx effect did lead to an increase in Glanbia's net-debt position, with the company saying €91.9m of the €160.6m rise to €749.6m from a year ago was due to the strong dollar.

The global macro-economic environment continues to be challenging

Speaking about the year-to-date performance, group managing director Siobhán Talbot said: "Revenue growth was primarily driven by pricing actions in response to unprecedented inflation.

"The global macro-economic environment continues to be challenging and we are monitoring consumption and inflation trends closely."

Shares in the company were trading 2.5% lower at €11.19 by 9.00am in London.