Glanbia sticks to earnings aim as deals boost performance nutrition unit

Glanbia said it remains on target to deliver growth in earnings per share of 7 to 10 per cent this year, excluding the impact of currency movements, as acquisitions drove growth in its key global performance-nutrition unit, which makes and sells protein shakes and bars.

Revenue from wholly owned divisions rose 6.6 per cent in the first nine months of the year, excluding the 40 per cent stake in Dairy Ireland, which it spun out into a joint venture with the group’s main shareholder, Glanbia Co-Op, in July.

The performance-nutrition unit delivered a “satisfactory performance” in the first nine months, with 9 per cent revenue growth driven by a 2.7 per cent increase in volume and 7.4 per cent growth from acquisitions of two nutrition businesses, Amazing Grass and Body & Fit.

“The overall volume movement year to date reflected branded revenue growth, offset by a decline in contract business” for other firms, the company said.

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The group’s Glanbia Nutritionals US cheddar cheese and value-added protein-ingredients division posted what the group described as a good performance during the period, with revenue rising 4.6 per cent.

Glanbia’s net debt at the end of September stood at €482 million, representing a €144 million decrease year on year, with €210 million of net cash proceeds from the Dairy Ireland transaction offset by acquisitions.