Online US sales of sports protein powders drives growth at Glanbia
Glanbia has reported a ‘good performance in the first nine months of 2017’with its onlines sales in the US, the key driver of growth.
According to an interim management statement, Glanbia reiterated full year guidance of 7-10pc growth in pro forma adjusted earnings per share from the Group.
Commenting today, Siobhán Talbot, Group Managing Director said Glanbia has delivered a good result in the first nine months of 2017 with wholly owned revenue from continuing operations growing 6.6pc in the period.
She said that its Glanbia Performance Nutrition was the main driver of revenue growth with Glanbia Nutritionals continuing to perform well.
The outlook for the remainder of 2017 is positive and we reiterate our full year guidance of 7pc to 10pc growth in pro forma adjusted earnings per share.
In the nine months ended 30 September 2017, wholly-owned revenue from continuing operations increased 6.6pc on a reported and constant currency basis when compared to the same period in 2016.
Glanbia Performance Nutrition saw revenues increased by 9.0pc. This was driven by a 2.7pc increase in volume, 7.4pc growth from the acquisitions of Amazing Grass and Body & Fit offset by a 1.1pc price decrease.
The drivers of growth have been a good performance in the online and mass channels in the US.
It says it plans to continue to launch new products into the fourth quarter.
Glanbia Nutritionals saw revenue growth of 4.6pc in the first nine months, mainly driven by a price increase of 2.5pc, mainly as a result of improved dairy markets, versus prior year and volume growth of 2.1pc, driven by Nutritional Solutions.
Its joint ventures delivered saw revenues increasing by 33.6pc versus the same period in the prior year, driven by a price increase of 21.9pc as a result of improved dairy markets, volume improvement of 2.3pc and acquisitions providing 9.4pc revenue growth as a result of Glanbia Ireland's acquisition of 60pc of Dairy Ireland.
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