Irish multinational nutrition firm Glanbia has announced the separation of its Glanbia Nutritionals (GN) business into two new segments: Health & Nutrition and Dairy Nutrition.
"The new structure is designed to further streamline our business, sharpen our focus on our end-use markets, and position ourselves for the next phase of growth," Glanbia chief executive, Hugh McGuire said in a statement.
"As part of this change in our operating model, we are commencing a group-wide transformation programme which will allow us to fund and drive growth in our business, supporting our ambition to maximise long-term value for shareholders," he added.
The SlimFast maker also announced an additional €50 million share buyback authorisation as it seeks to increase returns to shareholders.
Nine-Month Performance
The company posted year-on-year revenue growth of 6% in the first nine months of its financial year ended 31 October.
The company attributed this growth to a volume increase of 2.6% and a price decrease of 1.1%, among other factors.
McGuire added, "Glanbia continued to deliver good momentum during the third quarter, driven by revenue growth across our portfolio of better nutrition brands and ingredients.
"Volume growth was driven by our protein growth brands Optimum Nutrition and Isopure, as well as premix and protein solutions."
Other Highlights
Glanbia Performance Nutrition (GPN) saw revenue growth of 1.7%, with strong volume growth across Optimum Nutrition and Isopure, partly offset by a decline in other portfolio brands.
Pricing was negative largely as a result of tactical price reductions and promotional activity and Optimum Nutrition and Isopure delivered double-digit volume growth, the company noted.
GN saw revenue growth of 10.0%, boosted by a 2.0% increase in volume and a 1.6% increase in price, among others.
"Looking ahead to the remainder of 2024, we will continue to focus on delivering growth across our portfolio and we are reiterating our full-year guidance of 5% to 8% growth in adjusted EPS," McGuire added.
