Glanbia performance nutrition arm continues to drive sales growth
Irish nutritional group Glanbia has delivered a strong performance in the first nine months of the year as revenue in its rapidly growing performance arm continued to surge.
Sales at its Glanbia Performance Nutrition (GPN) division increased by 10.9pc, driven largely by strong volume growth across all of its regions.
Glanbia snapped up US protein snack firm ThinkThin last December, which also contributed to revenue growth in GPN. Glanbia said the new business had "performed well" in the period.
Net debt fell by €18m to €626m in the third quarter of the year as the company looks to top €100m in capital expenditure during the year.
Elsewhere revenue at Glanbia Nutritionals slipped by 0.8pc as lower dairy pricing hit sales in the area. The company is looking to deliver improvements in both earnings and margins in the area.
Glanbia managing director Siobhán Talbot was pleased by the firm's performance so far this year.
"All segments of the Group delivered volume growth in the period as we continue to invest in developing our portfolio of brands and value-added ingredients to benefit from the long term consumer trends in nutrition.
"The outlook for the remainder of 2016 is positive and we reiterate our full year guidance of adjusted earnings per share growth of 8pc to 10pc on a constant currency basis."
The nutritional giant has stood over its full year earnings per share target growth of between 8pc and 10pc.