Glanbia announce impressive revenue increases
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Revenues at Kilkenny multinational Glanbia have increased significantly on the back of global demand for its products, the latest quarterly financial report shows.
Glanbia’s revenues were up 16.9% on the back of a 2.4% volume increase in the third quarter of 2019 when compared to the same period in 2018.
Siobhán Talbot, Group Managing Director of Glanbia said the increase was down to a number of factors.
“This was driven by a strong performance from Glanbia Nutritionals as it meets demand from its global and regional customers for dairy and non-dairy solutions, as well as a good contribution from acquisitions.”
Glanbia Performance Nutrition (GPN) division saw revenue growth of 16.5% in the first nine months of the year. It also recorded a drop in both price and volume of sales, however. The price dropped by 1.4%, while sales volume was down 7.9%.
“In GPN, while we are very pleased with the performance of the SlimFast acquisition, our like-for-like volume performance is disappointing. This is largely driven by specific challenges in key non-US markets,” Ms Talbot said.
“GPN like-for-like volumes were weaker than expected in the third quarter as key non-US markets in Brazil, Middle East and India remain challenging.
“We are actively addressing the issues in these markets.”
The company expects to fulfill the full-year guidance of adjusted earnings per share of being in a range of 88c to 92c, as announced in the half-year results in July.
On the back of the release of the third-quarter report, Glanbia’s share price tumbled, losing close to 13% of its value at one point this morning. It closed 9.75% down at the Euronext Exchange in Dublin.