Glanbia reports rising revenue in nine-month results
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.
