Kilkenny food giant Glanbia reports rise in revenues despite pandemic
Glanbia has reported an increase in overall revenue for the third quarter of this year – despite the challenges posed by the pandemic.
In an interim statement for the nine months ending October 3, the Kilkenny-based group this morning said it was witnessing “improving trends”.
Glnabia said revenues for the period had risen by 3.1%. This was driven by price growth of 4.8%t, which was offset a volume decline of 1.7%.
The company said the price growth reflected “strong cheese markets” in its Glanbia Nutritionals division, which saw revenue rise by almost 11%.
However, reveneue from Glanbia’s performance nutrition division – which sells protein powders – declined 13.9% in the first nine months.
The group’s billion euro protein business has been hit hard by the pandemic. However the company said trends in the global performance nutrition market had picked-up in the third quarter as routes-to-market in international regions gradually reopened and prices lifted.
Glanbia Managing Director Siobhán Talbot said: “Through the challenges of the Covid-19 pandemic the Glanbia portfolio has been resilient, particularly the Glanbia Nutritionals segment and our joint ventures.
“In the third quarter, trends in Glanbia Performance Nutrition improved significantly with an increase in revenues and margins versus the second quarter as markets gradually reopened and trading patterns improved.
“The group has continued to focus on improving its financial position while maintaining investment in growth; with all key strategic projects on track and the acquisition of Foodarom closing in the third quarter,” she added.
Meanwhile, Glanbia has also announced some changes to the line-up of the group’s board.
John Daly is to step down as Independent Non-Executive Director with effect from November 1. Mary Minnick will step down as Independent Non-Executive Director with effect from December 31.
Jane Lodge and Roisin Brennan will join the Board as Independent Non-Executive Directors effective from November 1 and January 1, 2021 respectively.