Glanbia Reports Improving Trends In Q3 2020
Dairy and nutrition firm Glanbia has posted a 3.1% increase in like-for-like sales in the third quarter of its financial year (+1.0% reported), after what its managing director said was a "resilient" performance amidst the Covid-19 pandemic.
The business' Glanbia Nutritionals arm saw like-for-like revenues up by 10.9% in the third quarter, while its Glanbia Performance Nutrition posted a 2.3% decline, with the latter showing 'improving trends', according to the firm.
"Through the challenges of the Covid-19 pandemic the Glanbia portfolio has been resilient, particularly the Glanbia Nutritionals segment and our joint ventures," commented Siobhán Talbot, group managing director.
"In the third quarter, trends in Glanbia Performance Nutrition improved significantly with an increase in revenues and margins versus the second quarter as markets gradually reopened and trading patterns improved."
During the quarter, Glanbia announced the acquisition of Foodarom, a Canadian flavours business, which will be incorporated into its Nutritional Solutions arm. The added value food ingredients business saw revenue increase by 1.6% in the quarter.
Elsewhere, its US Cheese operations saw revenues increase by 12.5% in the period, driven by volume growth of 1.2% and a pricing increase of 11.3%.
Looking ahead to the coming quarter, Glanbia said that it expects its Glanbia Nutritionals and joint ventures to 'deliver a resilient earnings performance', while also expecting a further sequential improvement in its Glanbia Performance Nutrition business.
"We expect to continue to build momentum into Q4 and to exit the year well positioned for 2021 growth," said Talbot.
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