The Optimum Nutrition owner has seen a 7% year-on-year rise in revenue to US$2.1 billion from US$1.9 billion, driven by strong demand for sports nutrition products and protein ingredients across its portfolio.
Glanbia has told investors that it now expects its adjusted earnings per share (EPS) to grow 17% to 20% in constant currency this year, an upgrade on its previous forecast, which had predicted growth at the upper end of a 7% to 11% range.
The Kilkenny-based firm saw its Performance Nutrition division deliver 16.9% like-for-like revenue growth, boosted by flagship brand Optimum Nutrition. Its Health & Nutrition division also delivered strong results, posting 12% like-for-like growth.
This growth reflects a broader market trend, as consumers increasingly favour protein-rich, so-called ‘functional’ products as growing health consciousness continues to influence purchasing decisions.
“As a protein powerhouse at the heart of better nutrition, Glanbia is uniquely positioned to meet the growing demand for nutrition that supports healthier and more active lives,” chief executive officer Hugh McGuire said.
“We now expect adjusted EPS growth of 17% to 20%, which will be driven by category and end-use consumer market demand and a strong operating performance across all three segments.”
Group EBITDA increased 14.1% to US$275.4 million, while adjusted earnings per share climbed 30% to 81.24 US cents, ahead of company expectations.
Glanbia has also increased its annual cost-saving target to US$70 million by FY2027, raised its interim dividend by 10% and returned around €100 million to shareholders through share buybacks.
