Glanbia has reported a 23.1% increase in revenue in the first nine months of its financial year, on a constant currency basis, with much of this growth (+20.9%) driven by price increases.
According to the nutrition groups interim management statement, ended 1 October 2022, on a reported basis, revenue for the year to date was up by 36.8%.
Glanbia Performance Nutrition (GPN) business reported like-for-like revenue growth of 14.4%, while its Nutritional Solutions (NS) arm reported like-for-like revenue growth of 14.5%.
'Sustained' Momentum
Siobhán Talbot, group managing director said that she is "pleased" to report that the momentum outlined at Glanbia's half year has been "sustained" through the third quarter.
"Consumption trends continue to be resilient across the performance nutrition and healthy lifestyle brand portfolios in GPN. Revenue growth was primarily driven by pricing actions in response to unprecedented inflation," she noted.
Global Macro-Economic Environment
Talbot noted that the global macro-economic environment continues to be challenging and that the group is monitoring consumption and inflation trends closely.
"The strength of our platforms in better nutrition, supported by the combination of pricing actions taken and operational efficiencies achieved, gives us continued confidence that we will deliver strong full year EBITA growth," she added.
"This confidence sees us today updating our full year guidance to 10% to 13% growth in adjusted EPS, constant currency. Based on current foreign exchange rates, our reported adjusted EPS growth is expected to be 26% to 29%.”
© 2022 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more A-brand news, click here. Click sign up to subscribe to Checkout.
