Nutrition group Glanbia has reported a 9.1% year-on-year decline in group revenue, at constant-currency rates, in the nine months ended 30 September.
Glanbia added that Glanbia Performance Nutrition (GPN) witnessed growth in revenue, while Glanbia Nutritionals (GN) saw a decline.
GPN saw like-for-like branded revenue increasing by 2.7% during the first nine months, on the back of a price increase of 8.9% and a volume decline of 5.9%.
Elsewhere, GN reported a like-for-like revenue decline of 13.0%, reflecting a volume decline of 6.4% and a price decline of 7.6%. Within this segment, the Nutritional Solutions business saw revenue go down by 14.0% on a like-for-like basis, while US Cheese went down by 12.5%.
Full-Year Outlook
Glanbia noted that it delivered ‘good momentum’ during the third quarter and raised its full-year guidance for adjusted EPS growth to a range of 17% to 20%.
Commenting on the company’s performance, Siobhán Talbot, group managing director, said, “The group’s portfolio of better-nutrition brands and ingredients continues to resonate strongly with consumers seeking health and wellness, with a particular focus on protein.
“The Optimum Nutrition brand within GPN delivered strong revenue growth in the period, while in GN Nutritional Solutions, overall volume trends have stabilised, with volume growth in the third quarter driven by protein solutions.”
Revenue growth at GPN is projected at approximately 5.0% on a constant-currency basis, as year-to-date revenue growth of 2.7% will be augmented by strong year-on-year growth in the fourth quarter.
The company has forecast a low double-digit decline in like-for-like revenue, driven by lower dairy market pricing, and a mid-single-digit volume decline for its GN division.
The performance in joint ventures is expected to be marginally reduced, due to the sale of the Glanbia Cheese mozzarella joint ventures at the end of last April, the company added.
