In the first nine months of this year, ended 30 September 2017, Glanbia reports wholly owned revenue from continuing operations increased 6.6% on a reported and constant currency basis when compared to the same period in 2016.
Behind this strong performance for 2017 so far, the company cited volume growth of 2.4%, pricing growth of 0.9%, as well as a contribution from acquisitions of 3.3% that helped drive revenue growth.
Siobhán Talbot, Group Managing Director commented, "Glanbia delivered a good result in the first nine months of 2017 with wholly owned revenue from continuing operations growing 6.6% in the period. Glanbia Performance Nutrition was the main driver of revenue growth with Glanbia Nutritionals continuing to perform well."
She added that, "Our Joint Ventures delivered strong revenue growth as a result of improved dairy markets. The outlook for the remainder of 2017 is positive and we reiterate our full year guidance of 7% to 10% growth in pro forma adjusted earnings per share, constant currency, for the continuing Group."
The company’s increasingly important ‘performance nutrition’ arm, Glanbia Performance Nutrition (GPN) reported revenue increase by 9% for the period too.
This was driven by a 2.7% increase in volume, as well as 7.4% growth from the acquisitions of Amazing Grass and Body & Fit. However, this was also offset by a 1.1% price decrease.
Glanbia said in a statement that good performance in the US, EMEA and LAAPAC market helped drive sales and revenue for GPN, noting too that the reported price decrease was primarily a function of brand investment and innovation support in the US.
Meanwhile, Glanbia Nutritionals (GN) delivered revenue growth of 4.6% for the first nine months of 2017. This was driven by a price increase of 2.5% – primarily the result of improved dairy markets, versus prior year – and volume growth of 2.1%, driven by Nutritional Solutions.
However, Glanbia acknowledged that US Cheese performance was slightly challenged in the period, with supply has outpacing demand for certain formats.
© 2017 - Checkout Magazine by Jenny Whelan