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Glanbia maintains full-year growth forecast

Group Managing Director Siobhán Talbot said the outlook for the remainder of 2017 is positive
Group Managing Director Siobhán Talbot said the outlook for the remainder of 2017 is positive

Global nutrition group Glanbia's wholly owned revenue for the year to September was 6.6% higher than for the same period last year, while the company has maintained its full-year guidance of 7%-10% growth. 

In an interim management statement, the company said the increase was driven by volume growth of 2.4%, pricing growth of 0.9% and a contribution from acquisitions of 3.3%.

Glanbia's performance nutrition business - which focuses on protein powder and energy drinks - was a strong driver of growth.

This afternoon, the company's shares were over half a percent lower in Dublin trade.

Glanbia Performance Nutrition revenues increased by 9%. This was driven by a 2.7% increase in volume, 7.4% growth from the acquisitions of Amazing Grass and Body & Fit.

The Glanbia Ireland joint venture, which includes brands like Avonmore and Wexford cheese, also delivered a strong performance.

Group Managing Director Siobhán Talbot said "the outlook for the remainder of 2017 is positive and we reiterate our full-year guidance of 7% to 10% growth in pro forma adjusted earnings per share, constant currency, for the continuing Group".