Nutrition supplement maker Glanbia has today again upgraded its full year guidance after its group like-for-like revenue rose by 3.3% with the company noting strong growth in the third quarter across all of its business segments.
In an interim management statement for the nine months to October 4, Glanbia said its Performance Nutrition division saw like-for-like revenue increase by 2.5% - excluding its SlimFast and Body & Fit businesses.
Like-for-like revenue at its Optimum Nutrition business grew by 4.6% in the nine months, with strong growth of 14.3% in the third quarter on the back of strong volume growth.
Meanwhile, revenues at Glanbia's Health & Nutrition unit rose by 6.1%, driven by strong volume growth, while revenues at its Dairy Nutrition division increased by 6.1%, driven by strong dairy markets.
Glanbia said that with the third quarter showing strong sequential improvement in Performance Nutrition, the group is upgrading its full year like-for-like revenue guidance for Performance Nutrition to 3% to 4% from 2% to 3%.
As a result of this, full year adjusted EPS is now expected to be at the upper end of the previous guidance range of 130 cent to 133 cent.
In September, Glanbia sold its weight management brand SlimFast US to US-based Heartland Food Products Group - which makes the Spenda brand of low calorie sweeteners, drink mixes, coffee and nutritional beverages - for an undisclosed sum.
Glanbia had bought SlimFast for $350m in 2018, but sales of its products have plummeted since 2022 as weight-loss drugs upended the diet market and consumers moved away from the low-carbohydrate diets that the 50-year-old brand supports.
Hugh McGuire, Glanbia's chief executive, said the company's Performance Nutrition segment delivered a very strong performance in the third quarter, with its Optimum Nutrition and Isopure brands delivering double digit volume growth.
"Our Health & Nutrition and Dairy Nutrition segments also continued to perform well, with Health & Nutrition volumes showing strong growth in its priority end-use markets," he said.
"We continue to progress our group-wide transformation programme and completed the sale of non-core brands, SlimFast and Body & Fit, as well as the acquisition of Sweetmix in Brazil within our H&N division," the CEO said.
Glanbia shares rose in Dublin trade today.
