A strong year for the Kilkenny-based nutritional group thus far...
Glanbia’s year of solid growth continued in its third quarter, as its growing performance arm made a major contributions to sales.
The global and dairy products group’s Glanbia Performance Nutrition (GPN) division has enjoyed a sales surge of 10.9% in the first nine months of 2016, driven by strong volume growth across all of its revenues.
This arm produces bars, shakes and other protein-based lifestyle and energy products, and accounts for over 40% of group earnings.
Its acquisition of Californian protein snack firm thinkThin in December has added to revenue growth, with the company noting that new business had “performed well” in the period. Glanbia expects to see GPN sales growth slowing this year due to strong competition in the US market.
The challenges in the dairy commodity markets continued to affect Glanbia Nutritionals, the group’s global cheese and dairy ingredients business, as revenue retreated 0.8%. The company's now looking at ways to improve an area hit by lower dairy pricing.
Net debt fell some €18 million to €626m in the third quarter. Glanbia is still aiming for full-year earnings per share target growth of between 8% and 10%.
Managing director Siobhán Talbot said of the latest results:
"All segments of the group delivered volume growth in the period as we continue to invest in developing our portfolio of brands and value-added ingredients to benefit from the long term consumer trends in nutrition.”