Glanbia reports rising revenue in nine-month results

By Mike Stones

- Last updated on GMT

Glanbia reports rising revenue in its nine-month management statement
Glanbia reports rising revenue in its nine-month management statement

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Nutrition firm Glanbia has revealed a 6.6% rise in revenue in an interim management statement for the first nine months of this year.

The rise in wholly-owned revenue from continuing operations, reported on a constant currency basis,  was driven by volume growth of 2.4% and pricing growth of 0.9%.

Revenue from acquisitions contributed 3.3%.

Total group revenue, including Glanbia's share of joint ventures and associates, climbed 13.5% on a reported basis and 13.7% on a constant currency basis. This was driven by 2.3% volume growth, 6.4% price improvement and a 5.0% contribution from acquisitions.

The group has repeated its full-year prediction of 7–10% growth in adjusted earnings per share in constant currency.

Full-year prediction

Glanbia Performance Nutrition (GPN) was said to have delivered “a satisfactory performance” ​in the first nine months of the year. Revenues increased by 9%, driven by a 2.7% increase in volume. The acquisitions of Amazing Grass and Body & Fit contributed 7.4% to growth.

GPN was predicted to achieve like-for-like branded revenue growth in the mid-single digit range for the full year, reflecting a seasonal uplift in the fourth quarter.

Full-year earnings before interest, tax and amortisation were expected to be in the mid-teen range, which would be in line with this year’s half-year levels.

Half-year levels

The firm’s group md Siobhán Talbot said: “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.

“Our joint ventures delivered strong revenue growth as a result of improved dairy markets.  The outlook for the remainder of 2017 is positive …”.

Meanwhile, in six-month results posted in August, Glanbia revealed a 9.9% rise in group revenue​, in constant currency, to £1.67bn (€1.85bn). The results followed its decision to start a new venture and to sell 60% of its Dairy Ireland business.

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