February 2, 2023
Business News

Glanbia announce impressive revenue increases

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.

 

 

 

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