Glanbia’s year ‘progressing as planned’ as earnings grow – Managing Director

GLANBIA boss Siobhan Talbot today said the year was “progressing as planned” as the Kilkenny food giant confirmed third quarter earnings growth on the back of increased demand for its products.

Ms Talbot, pictured, said: “We continue to execute our strategy and, in addition to growth in our core business, we recently announced the acquisition of SlimFast which will further enhance our portfolio.”

The company reported volume growth of 6.7% in the first nine months of 2018. The performance was driven by good demand across Glanbia Performance Nutrition (“GPN”) and Glanbia Nutritionals (“GN”), the company said in a trading update released today.

In the nine months to 29 September, wholly owned revenue from continuing operations increased 3.7% in constant currency. However, on a reported basis, revenue decreased by 2.6% due to currency fluctuations.

Revenue increase, on a constant currency basis, was driven by volume growth of 6.7% and acquisitions which delivered 1.1pc.

GPN delivered revenue growth of 4.7% in the first nine months of 2018. This was driven by volume growth of 6.7%, while the Body & Fit acquisition delivered revenue growth of 2.4%.

Glanbia Nutritionals, meanwhile, delivered revenue growth of 3%, the group said.
Glanbia’s net debt at 29 September 2018 was €398m, a decrease of €84m when compared with the end of the third quarter of 2017.